Everyone makes mistakes or suffers from bad luck from time to time. But too often, people dig their heels when the tide is shifting against them, rather than getting back on course — especially when ...

It was a Words with Friends chat that first gave Megan Phelps-Roper pause. People have a marked tendency to cling to past investments, whether financial, social, or emotional—even when it becomes ...

Sunk cost fallacy involves continuing investments due to past costs, not future benefits. Recognize irrational holding by setting pre-determined exit points for investments. Regularly review ...

Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth ...

Have you ever encountered a subpar hotel breakfast while on holiday? You don’t really like the food choices on offer, but since you already paid for the meal as part of your booking, you force ...

If you’ve ever let unworn clothes clutter your closet just because they were expensive, or followed through on plans you were dreading because you already bought tickets, you’re familiar with the sunk ...

Suppose that, seeking a fun evening out, you pay $175 for a ticket to a new Broadway musical. Seated in the balcony, you quickly realize that the acting is bad, the sets are ugly and no one, you ...

Aaron Nicholas does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond ...

Five years ago, a friend of mine spent thousands of dollars to buy a few baseball cards of a young player he was sure would be a star. He financed the purchases with credit cards. Chances are you’ve ...

Forbes contributors publish independent expert analyses and insights. I write about relationships, personality, and everyday psychology. Unhappy relationships are an unfortunate reality for many.

The sunk cost fallacy addresses the tendency of people to continue on a suboptimal path because they have committed a lot of time or resources to it already. Investors, for example, may double down on ...