History Main / SunkCostFallacy

14th Aug '16 7:02:16 PM MsChibi
Is there an issue? Send a Message


* Gambling addictions usually fall into this trope. While people who are hooked on gambling are hooked on the rush of risking everything to win big, other addicted gamblers will gladly keep blowing money on a game until they can win back everything they lost just because they already lost money in the first place. For example, if someone were to lose $5000 in a game, they will keep spending money on that game until they can win back that $5000 plus the additional money spent to get back the initial losses. In other words, "I already invested so much money in this game, I may as well keep playing until I can win everything back." Overlaps with GamblersFallacy, because obviously a losing streak means you have to win something soon, maybe the very next game.

to:

* [[TheGamblingAddict Gambling addictions addictions]] usually fall into this trope. While people who are hooked on gambling are hooked on the rush of risking everything to win big, other addicted gamblers will gladly keep blowing money on a game until they can win back everything they lost just because they already lost money in the first place. For example, if someone were to lose $5000 in a game, they will keep spending money on that game until they can win back that $5000 plus the additional money spent to get back the initial losses. In other words, "I already invested so much money in this game, I may as well keep playing until I can win everything back." Overlaps with GamblersFallacy, because obviously a losing streak means you have to win something soon, maybe the very next game.
1st Jul '16 10:06:14 PM Eps05
Is there an issue? Send a Message

Added DiffLines:

-> '''Villager :''' A lot of people gave very selflessly to build this warship so we can go out and battle the Vikings. But the time has come to admit that hard work and hope are no substitute for actual knowledge. And that we've made a really shitty ship. If we sail this ship against the Vikings, we'll be massacred immediately. I suggest we break it up for scrap and never speak of it again.
-> '''Other Villager :''' Throw away months of work? Fuck that! Let's fight! ''[crowd cheers]''
->''[cue burning ship]''
-> '''Vikings :''' [incredulous] Seriously, how does a boat just catch fire by itself?
-->-- WebComic/{{Oglaf}} "[[http://oglaf.com/bilge/ Bilge]]"

8th Apr '16 6:35:34 PM ProfN
Is there an issue? Send a Message


* It's also known in social psychology as a great way to bring someone into a group. Cults are known for using this: How about you read a flyer? Sure, that cost nothing. Hey, why don't you answer this quiz on how happy you are with your life? Well... You've already read the flyer, that's not much more effort. How about going to a session?

to:

* It's also known in social psychology as a great way to bring someone into a group. Cults are known for using this: How about you read a flyer? Sure, that cost nothing. Hey, why don't you answer this quiz on how happy you are with your life? Well... You've already read the flyer, that's not much more effort. How about going to a session? session? Once the new recruit has spend hundreds, if not thousands of dollars on seminars and training, they are unlikely to be willing to go cold turkey; cognitive dissonance becomes involved (as quitting would require admitting to themselves that they were duped, which is something no one wants to think about themselves).
25th Mar '16 7:07:17 PM eroock
Is there an issue? Send a Message


!!'''[[http://en.wikipedia.org/wiki/Sunk_costs#Loss_aversion_and_the_sunk_cost_fallacy Sunk cost fallacy]]''':

A cognitive bias that causes Bob to remain committed to a course of action because he's already spent time or resources on it, even though the commitment is irrational (i.e. he would be better off walking away). When Bob is engaging in this fallacy, he will remain set on the course of action even if the profit from his success would be less than what he's already spent.

to:

!!'''[[http://en.[[http://en.wikipedia.org/wiki/Sunk_costs#Loss_aversion_and_the_sunk_cost_fallacy Sunk cost fallacy]]''':

A
fallacy]] is a cognitive bias that causes Bob to remain committed to a course of action because he's already spent time or resources on it, even though the commitment is irrational (i.e. he would be better off walking away). When Bob is engaging in this fallacy, he will remain set on the course of action even if the profit from his success would be less than what he's already spent.



!!! Also called

to:

!!! !! Also called



!!!Examples:

to:

!!!Examples:!!Examples:
12th Feb '16 1:15:34 PM Andyroid
Is there an issue? Send a Message


* Reacher Gilt's scam in ''Discworld/GoingPostal'' relies heavily on this. Even as the service on the Grank Trunk semaphore line gets worse and worse, he sweet-talks investors and board-members into "throwing good money after bad" while pocketing most of it and covering it up with tricky accounting and corporate buzzwords like "embracing diversity" and "synergistically".

to:

* Reacher Gilt's scam in ''Discworld/GoingPostal'' relies heavily on this. Even as the service on the Grank Grand Trunk semaphore line gets worse and worse, he sweet-talks investors and board-members into "throwing good money after bad" while pocketing most of it and covering it up with tricky accounting and corporate buzzwords like "embracing diversity" and "synergistically"."synergistically". [[BoxedCrook Not-quite-reformed con artist]] Moist von Lipwig is equal parts impressed and [[EvenEvilHasStandards disgusted]] when he realizes what Gilt is up to.
11th Feb '16 5:12:23 PM zerohelix
Is there an issue? Send a Message


* Similarly, [[spoiler: Locus]] from RedVsBlue. He has to keep following orders because admitting he has a choice would mean admitting he had a choice towards his previous actions.

to:

* Similarly, [[spoiler: Locus]] from RedVsBlue. Machinima/RedVsBlue. He has to keep following orders because admitting he has a choice would mean admitting he had a choice towards in all his previous actions.



* Being statistically "pot-committed" in poker is not this fallacy: sometimes, the pot is so big relative to the cost of calling that the strategically correct choice is to call even when your odds are slim (but non-zero). [[note]]For example: Texas Hold'em, family pot, you're holding an Ace and another suited card with a flush draw on the turn, and the board shows no pair nor any chance of a straight flush. Your chances of making the nut flush on the river are slightly worse than 1 in 5, but as long as you can see the river by contributing less than 1/5th of the pot, it's a mathematically sound play to call.[[/note]] This is more likely to happen in limit games; in non-limit games, players that already have a strong hand are likely to size their bets such that it no longer makes mathematical sense for players on long-shot draws to call. It is part of the strategy of tournament poker to recognize situations where one's stack is low enough with respect to the size the pot is likely to reach that it is easy to become pot-committed. At that point, one is advised to either give up before becoming pot-committed, or shove all-in early so as to increase one's odds of winning by making it more likely that the other player(s) will fold. It is a ''further'' part of the strategy to [[IKnowYouKnowIKnow recognize when other players are in that situation]] and not enter pots with them if unprepared to play for all their chips.

to:

* * Being statistically "pot-committed" in poker is not this fallacy: sometimes, the pot is so big relative to the cost of calling that the strategically correct choice is to call even when your odds are slim (but non-zero). [[note]]For example: Texas Hold'em, family pot, you're holding an Ace and another suited card with a flush draw on the turn, and the board shows no pair nor any chance of a straight flush. Your chances of making the nut flush on the river are slightly worse than 1 in 5, but as long as you can see the river by contributing less than 1/5th of the pot, it's a mathematically sound play to call.[[/note]] This is more likely to happen in limit games; in non-limit games, players that already have a strong hand are likely to size their bets such that it no longer makes mathematical sense for players on long-shot draws to call. It is part of the strategy of tournament poker to recognize situations where one's stack is low enough with respect to the size the pot is likely to reach that it is easy to become pot-committed. At that point, one is advised to either give up before becoming pot-committed, or shove all-in early so as to increase one's odds of winning by making it more likely that the other player(s) will fold. It is a ''further'' part of the strategy to [[IKnowYouKnowIKnow recognize when other players are in that situation]] and not enter pots with them if unprepared to play for all their chips.
11th Feb '16 5:07:20 PM zerohelix
Is there an issue? Send a Message


* ''WebComic/TheOrderOfTheStick'''s Redcloak suffers from this, as expressed in ''Recap/StartOfDarkness''; It's not that he believes in the Plan as much he believes hat if he gives it up, it'll make all of the horrible things he's done worthless, in spite of being told from both his brother and [[BigBad Xykon]] himself what an empty excuse this is.

to:

* ''WebComic/TheOrderOfTheStick'''s Redcloak suffers from this, as expressed in ''Recap/StartOfDarkness''; It's not that he believes in the Plan as much he believes hat that if he gives it up, it'll make all of the horrible things he's done worthless, in spite of being told from both his brother and [[BigBad Xykon]] himself what an empty excuse this is.is.
* Similarly, [[spoiler: Locus]] from RedVsBlue. He has to keep following orders because admitting he has a choice would mean admitting he had a choice towards his previous actions.
26th Jan '16 4:57:10 PM karstovich2
Is there an issue? Send a Message


* An "ideal" option that is not economically viable in your particular situation is just that: not viable, and, therefore, should not factor into the equation. Going back to the car example, stringing by on ad-hoc repairs may ''be'' the only viable alternative if the owner ''just doesn't have'' the money to buy a new car or the credit to get a loan that would cost less than the repair costs for the period of that loan. Previous repair costs ''are'' sunk, but it's also no use in bemoaning what you ''[[WhatCouldHaveBeen could have]]'' afforded if you hadn't paid for those; all that matters is what you can afford ''now''.

to:

* An "ideal" option that is not economically viable in your particular situation is just that: not viable, and, therefore, should not factor into the equation. Going back to the car example, stringing by on ad-hoc repairs may ''be'' the only viable alternative if the owner ''just doesn't have'' the money to buy a new car or the credit to get a loan that would cost less than the repair costs for the period of that loan.loan (or if other means of getting around, e.g. public transportation, biking, or walking, are also not on the table). Previous repair costs ''are'' sunk, but it's also no use in bemoaning what you ''[[WhatCouldHaveBeen could have]]'' afforded if you hadn't paid for those; all that matters is what you can afford ''now''.
20th Dec '15 3:29:53 AM Andyroid
Is there an issue? Send a Message



to:

* Reacher Gilt's scam in ''Discworld/GoingPostal'' relies heavily on this. Even as the service on the Grank Trunk semaphore line gets worse and worse, he sweet-talks investors and board-members into "throwing good money after bad" while pocketing most of it and covering it up with tricky accounting and corporate buzzwords like "embracing diversity" and "synergistically".
11th Nov '15 6:35:30 PM cybertoy0
Is there an issue? Send a Message



to:

* ''WebComic/TheOrderOfTheStick'''s Redcloak suffers from this, as expressed in ''Recap/StartOfDarkness''; It's not that he believes in the Plan as much he believes hat if he gives it up, it'll make all of the horrible things he's done worthless, in spite of being told from both his brother and [[BigBad Xykon]] himself what an empty excuse this is.
This list shows the last 10 events of 145. Show all.
http://tvtropes.org/pmwiki/article_history.php?article=Main.SunkCostFallacy