AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Navigating Sunk Costs and Decision-Making
This chapter explores the sunk cost fallacy and its impact on decision-making through personal anecdotes and analogies, including the video game Katamari Damacy. The discussion highlights how past commitments can complicate future choices and emphasizes the necessity of setting 'kill criteria' to make rational decisions, especially in high-stakes situations like mountain climbing. By contrasting the decisions of climbers who chose safety over ambition with those who disregarded caution, the chapter illustrates valuable lessons in responsible decision-making.