What is the Sunk Cost Fallacy? How can it be a positive thing to quit? The Sunk Cost Fallacy is when we invest too much time or money into something which makes the goal hard to abandon. Because one does not wish to abandon the the project it creates a fallacy since while continuing to endure the goal you use even more resources. Essentially we have this idea that our failure can be rescued if we continue on. It can be a positive thing to quit because you are carrying a burden of doing something you know you are going to fail or something you do not even want to do. By quitting you open doors to better options that can make you happier. When you quit there is a potential for new experiences that you would not have known about if you would …show more content…
I was in a friendship with my best-friend for almost seven years. And during the last year of high-school we began to grow distant. We noticed we liked different things and different people- there was a lack of connection that began to form. I still wanted to to hold onto the relationship because we spent so much of our time together and had so many memories. I thought that abandoning our friendship would be too ridiculous. But to stay together and put more effort into a relationship that was not moving forward would be futile. So we ended it. Another example is how in elementary school I desperately wanted to play the flute in band so I made my mom purchase one. I however was horrible at it no matter what I did. In addition I also missed classed sometimes. But I did not want to quit because it made me feel bad that I begged my mom and wasted her money and my time. Eventually I could not bear playing it and I quit. Lastly I was involved in a medical club at Sac State which costed $20 to be in. I had to go to the club from 6-8pm which made me sleepy. Eventually I would skip the meetings but I felt as though I wasted my money every time I did not go. At the same time the negative effects of not going far outweighed twenty dollars. So I stopped attending the club altogether.

How could a person think more clearly about this fallacy? To think more clearly a person should take time to reflect on their …show more content…
“In for a penny, in for a pound” is relevant here because it means that when taking a chance or getting involved in something, you mine as well go the whole way and not quit half way. This is important because it demonstrates how we should not be quitters. We prefer gambles like this because of the slim chances of success rather than the certain losses. Throwing good money after bad” is also relevant because it highlights how even after using resources we still will waste even more to better whatever project we have failed. The last one shows that we continue to make investments even after we know how much a failure it is or will be which is related to the sunk cost