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Decide and Conquer: The Ultimate Guide for Improving Your Decision Making, Second Edition
book

Decide and Conquer: The Ultimate Guide for Improving Your Decision Making, Second Edition

by Stephen P. Robbins
October 2014
Intermediate to advanced content levelIntermediate to advanced
224 pages
4h 10m
English
Pearson
Content preview from Decide and Conquer: The Ultimate Guide for Improving Your Decision Making, Second Edition

24. Gone Is Not Always Forgotten: Understanding Sunk Costs

Consistency requires you to be as ignorant today as you were a year ago.

—B. Berenson

Nancy Segal, a New York City resident, bought a ticket to the ballet. An hour before she was to leave for the performance, she felt tired and a bit sick. She didn’t feel like walking eight blocks to Lincoln Center or sitting for three hours. What she really wanted to do was put her feet up on the couch and spend the evening reading a book, but she forced herself to go to the ballet. Her explanation? “I spent $120 for that ticket, and I wasn’t about to waste my money.”

Nancy made an irrational decision. She was taken in by the concept of sunk costs. If Nancy had been rational, she would have based her ...

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Publisher Resources

ISBN: 9780133966862Purchase book