SciShow Psych | Why Do We Go All In on Lost Causes? @SciShowPsych | Uploaded 5 years ago | Updated 2 hours ago
We've all experienced the sunk cost fallacy: when you are deep into a task and tell yourself that you’ve come this far, so you may as well finish it. We do this even if it's no longer logical to finish. So why do we do it?
Hosted by: Brit Garner
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Sources:
nj.com/onlinegamblingnj/2013/12/how_the_sunk_cost_fallacy_can.html
behavioraleconomics.com/resources/mini-encyclopedia-of-be/sunk-cost-fallacy
sciencedirect.com/science/article/pii/0749597885900494
pressbooks.bccampus.ca/uvicecon103/chapter/1-2-opportunity-costs-sunk-costs
psycnet.apa.org/record/1991-11275-001
frontiersin.org/articles/10.3389/fpsyg.2018.01136/full
jstor.org/stable/258647?seq=1#metadata_info_tab_contents
https://web.colby.edu/cogblog/2017/04/21/throwing-good-money-after-bad-why-we-fall-victim-to-the-sunk-cost-fallacy-and-how-to-beat-it/
ncbi.nlm.nih.gov/pubmed/17371099
journals.sagepub.com/doi/10.1177/1368430298012005
springer.com/us/book/9781461295518
journals.sagepub.com/doi/full/10.1177/0956797617752641
psychologytoday.com/us/blog/anxiety-files/201409/letting-go-sunk-costs
Image Sources:
istockphoto.com/photo/maybe-im-not-meant-for-a-desk-job-gm1131960080-299892824
istockphoto.com/photo/asian-gay-couple-having-argument-with-each-other-in-bedroom-thoughtful-gay-man-having-gm955632136-260912555
istockphoto.com/photo/american-dollar-bills-gm919003034-252773788
istockphoto.com/vector/business-and-banking-icons-gm601135230-103376317
istockphoto.com/photo/european-woman-hiding-face-under-the-clothes-she-is-oulling-sweater-on-her-head-gm1009926826-272238651
istockphoto.com/vector/female-cello-player-gm1146771562-309120715
We've all experienced the sunk cost fallacy: when you are deep into a task and tell yourself that you’ve come this far, so you may as well finish it. We do this even if it's no longer logical to finish. So why do we do it?
Hosted by: Brit Garner
----------
Support SciShow by becoming a patron on Patreon: patreon.com/scishow
SciShow has a spinoff podcast! It's called SciShow Tangents. Check it out at scishowtangents.org
----------
Huge thanks go to the following Patreon supporters for helping us keep SciShow free for everyone forever:
AAdam Brainard, Greg, Alex Hackman, Sam Lutfi, D.A. Noe, الخليفي سلطان, Piya Shedden, KatieMarie Magnone, Scott Satovsky Jr, Charles Southerland, Patrick D. Ashmore, charles george, Kevin Bealer, Chris Peters
----------
Looking for SciShow elsewhere on the internet?
Facebook: http://www.facebook.com/scishow
Twitter: http://www.twitter.com/scishow
Tumblr: http://scishow.tumblr.com
Instagram: http://instagram.com/thescishow
----------
Sources:
nj.com/onlinegamblingnj/2013/12/how_the_sunk_cost_fallacy_can.html
behavioraleconomics.com/resources/mini-encyclopedia-of-be/sunk-cost-fallacy
sciencedirect.com/science/article/pii/0749597885900494
pressbooks.bccampus.ca/uvicecon103/chapter/1-2-opportunity-costs-sunk-costs
psycnet.apa.org/record/1991-11275-001
frontiersin.org/articles/10.3389/fpsyg.2018.01136/full
jstor.org/stable/258647?seq=1#metadata_info_tab_contents
https://web.colby.edu/cogblog/2017/04/21/throwing-good-money-after-bad-why-we-fall-victim-to-the-sunk-cost-fallacy-and-how-to-beat-it/
ncbi.nlm.nih.gov/pubmed/17371099
journals.sagepub.com/doi/10.1177/1368430298012005
springer.com/us/book/9781461295518
journals.sagepub.com/doi/full/10.1177/0956797617752641
psychologytoday.com/us/blog/anxiety-files/201409/letting-go-sunk-costs
Image Sources:
istockphoto.com/photo/maybe-im-not-meant-for-a-desk-job-gm1131960080-299892824
istockphoto.com/photo/asian-gay-couple-having-argument-with-each-other-in-bedroom-thoughtful-gay-man-having-gm955632136-260912555
istockphoto.com/photo/american-dollar-bills-gm919003034-252773788
istockphoto.com/vector/business-and-banking-icons-gm601135230-103376317
istockphoto.com/photo/european-woman-hiding-face-under-the-clothes-she-is-oulling-sweater-on-her-head-gm1009926826-272238651
istockphoto.com/vector/female-cello-player-gm1146771562-309120715
