We will focus on the investments we continue despite the fact that this content has sunk in. Among these investments that you can carry on you with embellishments without realizing it; There are examples such as “continuing a relationship that went bad just because it’s 3 years old” or “continuing to use shoes that are painful to wear but pay a lot of money”.
From time to time in some situations that we have been in for a long time critical decisions We may need to give Many decisions are made, such as considering quitting a job that hurts you or planning to end your relationship when it starts to wear you down. to go bad when it comes to mind.
It misleads us when we have to make critical decisions like these. From ‘sunken price syndrome’ we will talk about in this content. The error in question is not about what will happen in the future when we make decisions, but about the past. what we do It makes us focus. well come back from harm instead, it makes us cling to the price we have paid.
If you watch a movie that is almost torture to watch, just because you paid for the ticket, you are suffering from this situation too:
Yes, sunk cost syndrome manifests itself in such simple situations, important decisions in your business life and more. However, it appears in the decisions we take in the face of worsening situations, rather than the decisions that suddenly appear. What drives people to make the wrong decision in these situations is their investment It is possible. That is, the cost outweighs the yield.
For example, what you brought to these days in a healthy way 4 years In your relationship, you realized that even if you want to get married, the other party is not and will not be willing to marry. At this point, although it is difficult to leave when emotional factors come into play, the logical decision is to do this experience It will be to see you as a person and focus on your own path.
But the sunk price syndrome is the investment you have made in these 4 years, namely. to your effort forces you to focus. When he focuses on these efforts, he finds it difficult to see the logical decision that we have just mentioned, he needs to get somewhere. hoping You stay in the relationship. In other words, when you need to make a decision, make this decision not with an up-to-date and logical thought, looking back you give. Therefore, you see the irrational decision as an investment.
Of course, there are certain reasons behind irrational decisions. Let’s start with the first: we don’t want to seem like we’re wasting our time, money, and effort.
Continuing from the relationship example, in the 4 years in question what you do let’s think. If you value money, you spend money or if you value spirituality times and many things, such as the gifts you receive in return, the moment you end your relationship. in the trash looks like it’s going.
Or if your investments in any field are constantly taking something away from you and never yielding a return, the logical thing is to spend the money you have. to more logical will deposit. But the fact that you have invested a lot of money in this area until now does not leave you, and you do not want it to go to waste. till the end You think you have to go.
A second reason stems from finding losing unbearable: “Did we spend all that money for nothing?”
One of the leading names in the field of behavioral psychology Richard Thaler this situation,” a accessing the right to use the product or privilege with money will increase its usage rate” he explains. For example, imagine that you and your friend are telling different dishes from outside and you don’t like the food that comes to you.
Even though your friend will share the extra meal with you, you can only cook your own yam that you paid too much for. therefore You are likely to try to eat. Or if you prefer to go to a movie for which you have paid for the cinema in advance, then with your friend. for free You are more likely to choose a movie you can go to.
Or what you get by paying a lot of money. a game Even if it gets boring, you can keep playing just because you pay.
Because in each case, what you do losing your investment in question. Or is it really like that?
Relationships that had to end and business breakthroughs that did not bring them to the desired place… They all have a place: But this does not mean that you should immediately end the bad things.
Ask what we’ve covered so far, what you’re doing adhere was not. On the contrary, sticking to something without giving up is often rewarding. good results will bring. The main point of the sunk price syndrome is that you don’t waste your time resurrecting the sunken investments.
So don’t make decisions for the present by looking at the past:
In a monetary investment you will make today your previous investments should not rule you. Or you shouldn’t take into account the time you’ve spent so far when reviewing your relationships. This be cheeky doesn’t mean. More so when making decisions in the current time. you lost means don’t make decisions based on money, effort, and most importantly, time.
Instead of today’s terms You have to take your decision into account. For example, imagine that you lost 80 thousand lira of your 100 thousand lira with your investment. Although it is sad, instead of thinking about that 80 thousand lira in your future investments, you should spend the remaining 20 thousand liras. how to use it logically You must focus. Because that money is just like the time and effort we spend in other situations. never to come back gone.
Just like this, in your relationships, from the past to the present, not the time, effort or money you spend, up to date You have to decide by focusing on what you have. You may have spent 4 years with someone who hurt you. But this is 4 years don’t go to waste If you’re willing to sacrifice the fifth year just because you want to, you still suffer from sunken price syndrome.
Watching a bad movie just because you paid for it, trying to eat a bad meal just because you paid it, continuing in a relationship that doesn’t work and hurts you just because you spend a lot of time on it, spending a lot of money on an investment that you spent a lot of money on but always disappoints. you to continuenot needed‘.
In all areas of life, if the investments you make will not pay off, accept this and remember the main enemy of sunken price syndrome at every opportunity: Wherever you come back from the loss, it is a profit.
resources: United States National Library of Medicine, The Decision Lab, Intermittent Diversion