I like the analogy you give for why sometimes “toughing it out” can be viable, especially if your estimates are going to be changing over time.
One specific area where I’m sure that the sunk cost fallacy is actually Just Bad, though, is in finance / gambling related matters. It causes people to consistently underperform vs if they had just stuck to some heuristics or something.
I like the analogy you give for why sometimes “toughing it out” can be viable, especially if your estimates are going to be changing over time.
One specific area where I’m sure that the sunk cost fallacy is actually Just Bad, though, is in finance / gambling related matters. It causes people to consistently underperform vs if they had just stuck to some heuristics or something.