The Sunk Cost Fallacy

"I loved your coin experiment. about that in terms of sunk costs what's always been to me so interesting is it's a game that once you've started doesn't have an obvious equilibrium," he says. "Every single extra dollar seems to make sense but if you step back you're like where does this thing end upYeah the fact that every time you've spent the extra two dollars the other guy has topped you over time that should change your probability about what's going to happen next and related to that decision making I woke up in the morning for maybe five straight years and the first thing I thought about every morning is should I quit my job as a professor."