sunk cost effect

[SirLogiC (OP)]

I like the mind and how it works. The list of cognitive biases is really interesting.
Here is a link for them.
http://en.wikipedia.org/wiki/List_of_cognitive_biases

Anyway it can be useful to be aware of the common ones. Without realising your brain takes shortcuts in thinking everywhere you can do some really stupid things. Saw this video and it's basically the sunk cost effect. The sunk cost effect in simple terms "I've already spent money on this, so it would be a waste to not eat/drink/do/use it all".  It doesn't need to be money, it can refer to time or effort too. You have already paid, so it doesn't matter if you do "complete" it or not.

So this video is a tragedy, guy wastes 26 years of his life for a wooden table and some plastic balls. Now he's so invested in it he feels he can't give up.



Sometimes it's better to let go and move on. Don't become this guy.

[ChaosMushrooms]

It kind of makes you feel sorry for him, but I mean seriously, he invested 26 years into it, lost his job and home for what? It's something that you could make in less than a week. he kind of brought it on himself.