Ep53 The neuroscience of sunk cost: why do we throw good money after bad

Send us Fan MailWith January being the month of tightening our financial belts we are looking at the concept of sunk cost and why we submit to the bias of sunk cost and throw good money after bad? The sunk cost fallacy is a cognitive bias that occurs when people continue to invest in a decision or project based on the resources (time, money, or effort) they have already put into it, despite the evidence suggesting that these investments are no longer rational or beneficial. Why do we do this and how can we stop? Our neuroscience research has the answers.Episodes are available here https://www.thecpo.co.uk/To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.phpFor more information about the BeTalent suite of tools and platform as mentioned in this podcast please contact Amanda via email: [email protected] Costs·       00:00 – Introduction to Sunk Costs·       01:11 – There’s a moment when this should stop…·       02:12 – I paid for it; I’m eating it!·       03:31 – Bad investments·       04:10 – Confounding Crypto·       05:05 – Why did I waste my time with Heroes?·       06:27 – Something will turn around for sure…I made some mistakes…·       07:19 – Saving face over money·       08:03 – Just stop investing in this.·       09:12 – Neuroscience!·       09:43 – Looking back in regret·       10:46 – Reality is a bit blurry·       11:44 – A rewarding prospect·       13:03 – It’s too painful to leave it all…Past blues·       14:08 – Emotions are running high·       14:45 – You’re an addict.·       16:12 – We miss you Matt…·       16:49 – Cognitive Dissonance·       17:57 – Don’t dwell on the past too much·       19:08 – EgomaniaThe Body Pit·       20:26 – The hardest part… is letting go·       22:03 – This is going to hurt·       23:10 – Functional Stupidity revisited·       23:45 – Moving on·       25:18 – Keeping an eye on the future·       25:46 – The end.Episodes are available here https://www.thecpo.co.uk/ To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/betalent-by-zircon/ To access the research white papers mentioned in this and other podcasts, please go to: https://www.betalent.com/research For more information about the BeTalent suite of tools and platform please contact: [email protected]