Every day you add another tally mark on what you'll be wasting if you quit, and the pressure to stay becomes greater and greater. When you convince yourself that you must stick it out, no matter what, you become trapped. Sometimes quitting is the best way, regardless of how much time you've put into it. If your boss is incompetent, toughing it out just means you'll be tougher or destroyed at the end of the game. Just because you've invested considerable time in this particular career/job doesn't mean that you should continue to invest time in this job. This is so prevalent in the working world-or at least in the people who write me." I've been at this job for 14 years and can't go elsewhere because.", or my boss/coworker is a bully or my salary is unfair. It turns out that children don't fall for it - or even animals.ĪRKES: Your dog is not going to have any rules like "Oh, I spent a lot of time at that location waiting for him to feed me, and I wouldn't want to waste all that time, so I'll go back there and wait even though it wasn't very successful." Now, humans have these other things that get in the way. Arkes and a colleague learned something that makes falling for the sunk-cost fallacy even more embarrassing. We shouldn't fall for this fallacy, but we do it all the time. The sunk-cost fallacy is when you tell yourself that you can't quit because of all that time or money you spent.
Many people get caught in what economists call the "sunk-cost fallacy." Stephen Dubner, from Freakonomics and Hal Arkes,a psychology professor at Ohio State University explain:ĭubner: A "sunk cost" is just what it sounds like: time or money you've already spent.
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