The Pros And Cons Of Sunk Cost Fallacy
What is the Sunk Cost Fallacy, and how can it be a positive thing to quit? When a person commits the Sunk Cost Fallacy, they’re choosing to stick with a decision they made in the past, even though the outcome of this decision no longer appeals to them. They’re focusing too much on the resources they’ve already invested, and allowing the past to cloud their decision about the future. It can be a positive thing to quit, because it allows you to move on from things you are no longer enjoying. People are more likely to be happy if they quit a job that makes them miserable, even if they spent years studying to get that job.
Why are we prone to make the mistake, give some examples of cases in your life where you’ve committed the mistake? People make this mistake because they’ve been taught that quitting is bad, and that they should stick with the choices they’ve made. They also make it because they see quitting as a sure loss, when they have the chance to invest more resources, and possibly recover what they’ve already lost. Taking this risky gamble seems like the right choice for them, because they are allowing the sunk cost to effect what they think their risks going forward are. When I was in high school, I joined the Softball team because I knew my parents wanted me to be involved in sports. I had also convinced myself that I would love being on the team. I
…show more content…
Both of these sayings focus on the concept of the Sunk Cost Fallacy. The first saying encourages this fallacy, saying that if you’ve invested a penny, it is worth investing however much else you may need to. The second saying is the opposite. It criticizes people who spend more money on a project they should not have invested in to begin with. These statements give an example of a person who has no concept of the Sunk Cost Fallacy, and an example of someone who understands it
Comparing Perez's And Graff Articles
275 Words | 2 PagesIf failure is a result of taking a risk, going into an unknown and confusing situation will be the most likeliest place to be. A person who always go into the “safe” path will result in a predictable outcomes but no improvement. Not facing the dangerous path will only lead to the “what if’s”. Hidden
John Wooden Quotes
463 Words | 2 PagesJohn Wooden once said “failure is not fatal but failure to change might be”(John Wooden Quote.) Wooden was addressing the idea that one only fails if they do not change after messing up. I never fully understood that principle until I attempted the FFA Creed Career Development Event. After not giving all that I could during the contest, I experienced the worst defeat of my FFA career. I had always thought that Wooden’s statement was only inspire those who had lost, but through personal failures I have learned otherwise.
The Worst Mistake's A & P
634 Words | 3 PagesI was not thinking about my parents, teammates, or even myself. I wanted to stick out and be able to say, “I quit because I did not like my coach.” This was my “Sammy” moment. I regretted my decision very soon after. Seeing all of the pictures of my friends in their uniforms made me jealous and upset about my decision.
Nursing Assistant Personal Statement
837 Words | 4 PagesWhether it was from going on mission trips and working alongside my peers to help rebuild a community or performing and competing as a dancer, being a part of a team is something that I have always been very comfortable with. In 7th grade I found a new team that I would since aspire to be a part of. I became utterly fascinated with the medical field and all it had to offer because as a young teen I spent a lot of time as a patient in and out of the hospital and saw many providers from different specialties. I loved seeing the way in which different members of a healthcare team worked together for my benefit. While being the patient may have initiated my infatuation with the field, I knew that one day I had to be on the other side.
Personal Narrative: Blair High School
557 Words | 3 PagesThat was a decision never regretted in my life, as it showed me that I wasn’t alone, that their were others like me, and able to make friends within my team, which in turn taught the truth of this world. Days had passed by, as my team and I were studying, working hard, and overall hanging out with each other. And then, the day of the competition was finally among us. However, I was not nervous, I was ready, confident that we would win. However, that changed as I entered Blair High School and finally meeting all of the other schools that we were up against.
Hatchet Theme Essay
752 Words | 4 PagesIf people give up all the time individuals will never get far in life or become successful, but if people try their best until people get better or at least try, people are less likely to fail. To begin, in the realistic fiction novel, Hatchet by Gary Paulsen, there is a kid named Brian Robeson whose parents are divorced. So he gets on a plane to go see his dad, but usually stays mainly with his mom. When he goes on the plane for the first time since the divorce his plane crashes in the middle of a forest. Brian has to learn how to survive in the wilderness and hope he gets saved.
Kwame Alexander Basketball Rules Analysis
600 Words | 3 PagesIf you are a volleyball player and you lose all of the time, you are not going to ever win if you quit. In life, you must always try to get better and never quit. If you are in chorus and you don't understand a song, you never will understand it if you decide to quit. Sometimes you just have to realize that you must keep
Good And Bad Choices In The Outsiders
526 Words | 3 PagesSomeone once said, “ Life is all about making choices. Always do your best to make the right ones and always do your best to learn from the wrong ones”- Anonymous. Choices can always look instructive whether they are great or bad. Often, a string of good choices makes it easier to continue down the path, good consequences paving the way to more good choices. However, poor choices often have unlimited consequences.
Waterpolo Monologue
1478 Words | 6 PagesCruising right through preseason, I was now leading the workouts, not struggling to keep up. Kids came up to me for help, instead of me asking for the help. I had already felt as if I was leading this team and It was all feeling so secured. Day by day, I felt more and more like the captain of the
The Role Of Failure In Homer's Odyssey '
473 Words | 2 PagesFailure is vital to the growth of not only heroes, but ordinary people as well, as it teaches them how to move past their guilt and negativity in order to persevere. Through the article Nine Ways to Fail Better, the author shows that it’s not easy to deal with failure, but it is extremely important to move on. The author states, “Blaming yourself for the bad things that happen to you--are probably the biggest reason people metabolize failure badly.” In expressing that one should put the blame on themselves, “for the bad things that happen to [them]” stresses the idea that failure is often inevitable, and there is not much that can change the outcome of the situation. Additionally, there is no sense in feeling shameful about failure.
Justified Quotes For The Crucible
969 Words | 4 PagesPeople that do not learn from their mistakes will inevitably repeat them
Cross Country Essay
647 Words | 3 PagesInitially, my mind was set to join the soccer team. However, I found out there weren’t any openings available. The only team that had an opening was The Cross Country Team. I was terrified…my parents encouraged me to join as there wasn’t an option not to.
Essay On Perfectionism
736 Words | 3 PagesMistakes are made so you could learn from them, so you could do better. Just because a person makes mistakes does not mean he or she is a failure and they are simply worthless, they are literally just
What It Means To Be Successful
1339 Words | 6 PagesEveryone knows that life is not easy all of the time, and everyone will make mistakes. Making mistakes is an inevitable part of being human. However, it is what you choose to do afterwards that matters. Successful people choose to leave it in the past, and to learn from it in the future. It is hard to be successful if all of the focus is on failure.
Essay On Making Mistakes
744 Words | 3 PagesMaking mistakes is an important part of life. We learn from our mistakes. Mistakes are the best lessons of our life. They are something that happens unintentionally and without the knowledge of a human being. The only way mistakes can be avoided is to never do anything.
More about The Pros And Cons Of Sunk Cost Fallacy
Comparing Perez's And Graff Articles
275 Words | 2 PagesJohn Wooden Quotes
463 Words | 2 PagesThe Worst Mistake's A & P
634 Words | 3 PagesNursing Assistant Personal Statement
837 Words | 4 PagesPersonal Narrative: Blair High School
557 Words | 3 PagesHatchet Theme Essay
752 Words | 4 PagesKwame Alexander Basketball Rules Analysis
600 Words | 3 PagesGood And Bad Choices In The Outsiders
526 Words | 3 PagesWaterpolo Monologue
1478 Words | 6 PagesThe Role Of Failure In Homer's Odyssey '
473 Words | 2 PagesJustified Quotes For The Crucible
969 Words | 4 PagesCross Country Essay
647 Words | 3 PagesEssay On Perfectionism
736 Words | 3 PagesWhat It Means To Be Successful
1339 Words | 6 PagesEssay On Making Mistakes
744 Words | 3 Pages