Followup to: Sunk Cost Fallacy Related to: Rebelling Against Nature, Shut Up and Do the Impossible! (expanded from my comment) "The world is weary of the past— O might it die or rest at last!" — Percy Bysshe Shelley, from "Hellas" Probability theory and decision theory push us in opposite...
Related to: Just Lose Hope Already, The Allais Paradox, Cached Selves In economics we have this concept of sunk costs, referring to costs that have already been incurred, but which cannot be recouped. Sunk cost fallacy refers to the fallacy of honoring sunk costs, which decision-theoretically should just be ignored....
From Tversky and Khaneman's "The Framing of Decisions and the Psychology of Choice" (Science, Vol. 211, No. 4481, 1981): > The following problem [...] illustrates the effect of embedding an option in different accounts. Two versions of this problem were presented to different groups of subjects. One group (N =...