Logical fallacy #3: The sunk cost fallacy

 

Definition: The sunk cost fallacy describes our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits. (https://thedecisionlab.com/biases/the-sunk-cost-fallacy/)

The basic argument that this fallacy contains is: “I already started this, so I might as well keep going.”

Example: Pennélope writes, "A few years ago, my mom bought me a pair of denim pants. The moment I saw them neatly folded and ready to be purchased, I fell in love. When I took them home and tried them on, they didn't fit or look as I wanted them to. Since my mom picked them up, I didn't want to upset her and make her go back to return them. So, I kept using them only to get the money's worth since I didn't fully like how they looked on me."

This is a great example of the sunk cost fallacy. Here the argument is, "Even though I don't really like these pants, because I already invested emotional energy and my mom invested actual money in these pants, I should wear them."

Below is an essay about the sunk cost fallacy that you might find interesting. It contains a number of examples.

"4 Tips for Avoiding the Sunk Cost Fallacy"