spending more resources beforehand really increases the chance of “success” most of the time
The decision to go on with the now-easier rest-of-the-plan can be correct, it’s not the case that all plans must always be abandoned on the grounds of “sunk cost fallacy”. The fallacy is when the prior spending didn’t actually secure the rest of the current plan as the best course of action going forward. Alternatives can emerge that are better than continuing and don’t make any use of the sunk resources.
It sure can! I think we are in agreement on sunk cost fallacy. I just don’t think it applies to example 1 because there exists alternatives that can keep the sunk resources. Btw this is why my example is on the order of $100, at this price point you probably have a couple alternative things to buy to spend the money.
I just don’t think it applies to example 1 because there exists alternatives that can keep the sunk resources.
What matters is if those alternatives are better (and can be executed on, rather than being counterfactual). It doesn’t matter why they are better. Being better because they made use of the sunk resources (and might’ve become cheaper as a result) is no different from being better for other reasons. The sunk cost fallacy is giving additional weight to the alternatives that specifically use sunk resources, instead of simply choosing based on which alternatives are now better.
Again, seems like we are in agreement lol. I agree with what you said and I meant that, but tried to compress it into one sentence and failed to communicate.
The decision to go on with the now-easier rest-of-the-plan can be correct, it’s not the case that all plans must always be abandoned on the grounds of “sunk cost fallacy”. The fallacy is when the prior spending didn’t actually secure the rest of the current plan as the best course of action going forward. Alternatives can emerge that are better than continuing and don’t make any use of the sunk resources.
It sure can! I think we are in agreement on sunk cost fallacy. I just don’t think it applies to example 1 because there exists alternatives that can keep the sunk resources. Btw this is why my example is on the order of $100, at this price point you probably have a couple alternative things to buy to spend the money.
What matters is if those alternatives are better (and can be executed on, rather than being counterfactual). It doesn’t matter why they are better. Being better because they made use of the sunk resources (and might’ve become cheaper as a result) is no different from being better for other reasons. The sunk cost fallacy is giving additional weight to the alternatives that specifically use sunk resources, instead of simply choosing based on which alternatives are now better.
Again, seems like we are in agreement lol. I agree with what you said and I meant that, but tried to compress it into one sentence and failed to communicate.