The Sunk Cost Fallacy: Know When To Quit.
A Less known Bias That Will Cost You Money And Time
Let’s say you’re planning your next summer vacation. So you hit google and find a few different destinations you’d like to visit this year.
You find a trip to Egypt, a country you’ve always wanted to visit, but it’s not on top of your list. The travel package includes a plane ticket and a stay at a hotel for a total of $3000. This package is non-refundable, but you couldn’t find anything better, so you went for it and booked the trip.