Conscious Processes and Intelligence (with Richard Nisbett)
Clearer Thinking with Spencer Greenberg
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Sunk Costs and Everyday Choices
This chapter delves into the practical application of cost-benefit analysis in daily decision-making, particularly during crises like the COVID-19 pandemic. It introduces the concept of sunk costs and how they can irrationally affect our choices, illustrated by personal anecdotes and experiences. The discussion also touches on the complexities of applying this principle to personal relationships, emphasizing the value of commitment over mere past investments.
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