Derek Sivers on Saying No, Doing What Scares Us and Living for the Future
Elevate with Robert Glazer
00:00
The Sunk Cost Bias
The writer has learned not to fall victim to the sunk cost bias. "I'm glad that someone gave that one a catchy name because I think about that often when I'm doing things like oh man so many times" He says he's blown it off even though he spent $7,500 on the ticket and already spent whatever 2000 on the flight and hotels. But you know what that money was already spent 11 months ago that's just the sunk cost fallacy isn't it?
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