BIAS OF THE WEEK

Sunk Cost Fallacy

You accidently book two ski trips for the same weekend. The first seems more fun but the second cost twice as much. Which trip do yo choose? The majority of chose the more expensive trip, even though they thought they would enjoy it less. 

We prioritise the actions we’ve put or time into, regardless of whether the costs outweigh the benefits. 

See the full study here :

Arkes, H. R., & Blumer, C. (1985). The psychology of sunk cost. Organizational behavior and human decision processes35(1), 124-140, https://doi.org/10.1016/0749-5978(85)90049-4

Want to know more about biases?

Cashless Effect

Osterich Effect

The Ostrich Effect

Identifiable Victim Bias