Another cognitive flaw worth knowing about: The Sunk Cost Fallacy.
Author: Milan
In the spring of 2005, I graduated from the University of British Columbia with a degree in International Relations and a general focus in the area of environmental politics. In the fall of 2005, I began reading for an M.Phil in IR at Wadham College, Oxford. Outside school, I am very interested in photography, writing, and the outdoors. I am writing this blog to keep in touch with friends and family around the world, provide a more personal view of graduate student life in Oxford, and pass on some lessons I've learned here. View all posts by Milan
I am fascinated by behavioral economics. This particular fallacy brings two colloquialisms to mind: “throwing good money after bad” and “in for a penny in for a pound”. One seems to be a warning against the fallacy and the other promoting it.