

The Sunk Cost Fallacy - pwim
http://youarenotsosmart.com/2011/03/25/the-sunk-cost-fallacy/

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anagnorisis
Love it. Brilliantly done article.

Growing up, the sage advice I remember most from my dad was "the law of sunken
treasure" and the sunk cost fallacy.

The emotions that invariably underpin...every...thing are incredible. For
better or worse, they certainly taint our otherwise rationale (sense of)
judgment.

And being able to most clearly draw a distinction between latent emotion and
more conscious rationale gives someone an enormous edge.

Wins and losses, and the perception and power of them, respectively is so
strong, that despite almost always erroneous, is accepted as a fata compli of
illogic and error by even the most seasoned and expert of gamblers.

