The Sunk Cost Fallacy

Progress Means Taking the Right Road, Whether It’s Less Traveled or Not

On a date with my wife the other day, I ordered fried chicken at a local restaurant. I was in shock when the server brought my order. There before me was half of a fried chicken. I believe the description on the menu said this, but I don’t think I realized just how much food that was. I decided to eat the entire plate of food, anyway. I figure if I’m paying for it, I’m eating it. Three-fourths of the way through, I regretted my decision. But I carried on. Big mistake. After the meal my wife wanted to go for a walk—in the heat. That was not fun.

A Sunk Cost Is a Lost Cost

When someone finishes a course of action because he started it, even if he knows finishing is a mistake, he...