3 ms·
There’s actually reason to throw good money after bad
- gwern 13y agoIt's a weird sort of effect, yes: how can people forget so much that a blind commitment to previous choices was a good idea? I tend to prefer the exploration vs exploitation paradigm for explaining sunk cost thinking: the additional investments purchase you information (see http://www.gwern.net/Sunk%20cost http://www.gwern.net/Sunk%20cost ).