What is the Sunk Cost Fallacy?
The Sunk Cost Fallacy is a well known and fascinating cognitive bias. But where does it come from? Why does it happen?
In this video I start by starts by exploring experiments and theories from Richard Thaler, Bluner and Arkes and Dan Monheit. Then we'll look at some more culturally relevant touchstones - the Concorde, the Metaverse, Elon Musk, New Year’s Resolutions, THE GYM and a book called Great By Choice (including the most practical way to avoid the Sunk Cost Fallacy - bullets then cannonballs) - all in order to understand the Sunk Cost Fallacy.
But why me? Well, since trying to learn how to solve a Rubik’s cube (and not giving up for almost a year), my own sunken costs became very real.
What followed was an investigation into the history of Sunk Cost fallacy, all while trying to solve the very same Rubik’s cube I started with.
Can I solve the Rubik’s cube and get some clarity on the Sunk Cost Fallacy?
________
CHAPTERS
00:00 Introduction
00:28 Rubik's Cube
01:31 Back to the 80s
02:15 Wisconsin VS Michigan Experiment
03:10 Other Scientific Research
04:09 New Year's Resolutions
05:44 THE GYM
08:05 The Concorde
09:27 The Metaverse
10:43 Elon Musk
11:37 Twitter
13:23 How do we change?
13:53 Great By Choice - Bullets Then Cannonballs
15:23 It's like an algorithm
16:05 Time to get Personal
17:20 My High School Story
18:24 Did I solve the Rubik's Cube?
When available we use affiliate links that may earn a commission!
Music:
🎵 Just Manners - Alexandra Woodward
🎵 Careful Now - Arthur Benson
🎵 Born in the 80's - Falcon Dives
🎵 To Pirate Cove - Adriel Fair
🎵 Powerwalkin' - Future Joust
🎵 I Despise - No Sons of Mine
🎵 Love Me Like A Stranger - Basixx
🎵 Everything Comes To An End - Of Water
🎵 Press X Twice - Lexica
🎵 Warped by Light - Jay Varton
🎵 Bubble Bee - The Fly Guy Five
🎵 Careful Now - Arthur Benson
🎵 You're On Your Own - Ingrid Witt
🎵 Morning Is Here - Merrie
Epidemic Sound refferal link: https://share.epidemicsound.com/j9uy7t
________
RESOURCES & THANKS
Rob Baselier for some great animations!
The Psychology of Sunk Cost (Hal R. Arkes and Catherine Blumer, 1985)
https://www.economicsonline.co.uk/beh...
https://www.jimcollins.com/concepts/f...
Dan Monheit - / the-why-12-why-do-people-stay-in-jobs-they...
Concorde - A Supersonic Story (BBC Documentary) • Concorde - A Supersonic Story (BBC Do...
Pirates of The Caribbean Franchise (Disney)
LescArt (YouTube)
The Slow Mo Guys (YouTube)
The Mandalorian (Disney)
Wanted (Universal)
Shout out to Kurtis Conner too
Elon Musk for being... Elon.
John Wick: Chapter 4 (Lionsgate)
________
The style is similar to channels like Dan Mace and Eric Floberg. A large influence on this channel can be attributed to Casey Neistat, Max Fosh, Colin and Samir, and Peter McKinnon.
About Matt Smolen:
I make movies with a sense of fun, humour and wonder. And sometimes puns... I upload new videos every month, so please subscribe to not miss a thing!.
CONNECT WITH ME:
Instagram: www.instagram.com/mattsmolen
LinkedIn: / mattsmolen
🎈Balloon Tree Productions 🎈
https://www.balloontreeproductions.comer
Смотрите видео What is the Sunk Cost Fallacy? онлайн без регистрации, длительностью часов минут секунд в хорошем качестве. Это видео добавил пользователь Matt Smolen 28 Январь 2024, не забудьте поделиться им ссылкой с друзьями и знакомыми, на нашем сайте его посмотрели 48 раз и оно понравилось 3 людям.