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. Between 2005 and 2007 I completed an M.Phil in IR at Wadham College, Oxford. I worked for five years for the Canadian federal government, including completing the Accelerated Economist Training Program, and then completed a PhD in Political Science at the University of Toronto in 2023. 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.