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#328: How to Say “No” Gracefully and Uncommit

The Tim Ferriss Show

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How to Say No - Part 12 Uncommit

The concord jet consistently lost money for more than four decades. Yet each time it went over budget, the french and british governments poured more and more money in. They did this even knowing that the chance of recouping their continued investments was minescule. One reason is a very common psychological phenomenon called sunk cost bias. It explains why we'll continue to sit through a terrible movie because we've already paid the price of a ticket. The more we invest in something, the harder it is to let go.

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