4 Decision-Making Mistakes People Make The Most, According To An Expert
If you pay $15 to see a movie, that's a sunk cost once you've paid it.
The sunk cost fallacy is when we make decisions in order to make our sunk costs feel worth it.
The fallacy is that it wasn't actually put to good use if it's only led you to spend two hours of your life feeling bored.
That way, you may have wasted $15, but at least you didn't also waste two hours.
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This can also happen with bigger decisions, like breaking up with your partner, says Ram.
We're often reluctant to leave relationships we've put a lot of effort into because then all that effort feels like a waste.