Lean Mobile App Development

Summary

We still believed in the original vision, and it's possible that persevering and keeping this going out there in the wild may have yielded something. However, we were invalidated conclusively and decided to pivot away and explore other ideas. In hindsight, it was a good decision and likely saved us from the clutches of the sunken cost fallacy.

Many people have strong misgivings about wasting resources (loss aversion). The example we saw in this chapter involved a non-refundable sporting event ticket. Many people would feel obliged to go to the event despite not really wanting to, because doing otherwise would be wasting the ticket price; they feel they've passed the point of no return.

This is sometimes referred to as the sunk cost ...