Decision Making: Sunk Cost Fallacy
At the end of the day, the sunk cost fallacy is caused by pride, loss aversion, and irrational commitment to past decisions. The sunk cost fallacy makes us stupid. Don’t let it trick you.
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Category: Behavioral Economics
Decision Making: Accounting Costs vs. Economic Costs
There ain’t no such thing as a free lunch. Every economist will tell you this. Why? Opportunity costs!
The Economics of Chrismas and Gift Giving
How often do you receive a gift during the holidays season and then realize that although you understand the gift
