The 'Sunk Cost Fallacy' with Julia Galef. #shorts

I want to introduce you to a concept

known as the sunk cost fallacy imagine

you're going to the store and you're

halfway there when you realize oh wait

the store is actually closed today but

you figure well I've already come 10

blocks I might as well just go all the

way to the store you know so that my 10

blocks of walking won't have been

wasted well this is a transparently

silly way to reason and I doubt that any

of us would actually go all the way to a

store that we knew was closed just

because we'd already gone 10 blocks but

this pattern of thinking is actually

surprisingly common the time and money

and effort and whatever else you've

already spent is what we call the sunk

cost and the sunk cost fallacy then

means making a choice not based on what

outcome you think uh is going to be the

best going forward but instead based on

a desire not to see your past investment

go to waste