Search Results for: sunk-cost-fallacy

My Interview with One of Psychology’s Most Influential Thinkers

My Interview with One of Psychology’s Most Influential Thinkers

ByJake Teeny

This week, I’m excited to bring you something unique for Everyday Psych: a personal interview with one of psychology’s most esteemed and influential psychologists, Dr. Richard Nisbett. Dr. Nisbett discovered some of the most interesting findings in social psychology, conducting research on people’s ability to introspect, on what ‘intelligence’ actually is, and how people from…

The Sunk Cost Fallacy

The Sunk Cost Fallacy

ByJake Teeny

To terminate a project in which $1.1 billion has been invested represents an unconscionable mishandling of taxpayers’ dollars. – Senator Jeremiah Denton, 1981 (in response to critics who showed that the total cost of this Waterway Project would be more money than it could ever make) I’m going to describe an experience that my psychophilosophy powers…