Less than a minute lesson -2662
Overcoming Sunk cost biases.
Sometimes, we make the same decision
repeatedly, even when the previous decision is wrong. This tendency often stems
from the time, money, and energy invested in that assignment/ Project/business.
We feel compelled to continue pursuing it in hopes of recovering our
investments. This behaviour is known as sunk cost bias.
Due to this bias, people often lose money in
gambling or the stock market. To overcome this bias, we should be open to
exploring other areas that may offer better opportunities and focus on learning
more about them rather than getting stuck in the same situation.
M.L. Narendra Kumar
Director
Instivate Learning Solutions PVT LTD
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