Editing UW COM 481 FAQs
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===sunk cost=== | ===sunk cost=== | ||
This is a shortened version of the "sunk cost fallacy." Wikipedia has a [https://en.wikipedia.org/wiki/Sunk_cost good explanation of this general phenomenon]. The idea here is that after we've bought something or put energy into it, we might decide to continue because of what we already spent, not because we really enjoy or want it any more. We might want to leave but feel that we can't or shouldn't. Examples that relate to this class include continuing to participate in a group after we stop enjoying it because of how much work it was to join in the first place, how much we already spent, how long we've already been a member, and so on. We might even continue to invest even though we simultaneously feel as if we are wasting our effort. Another fun idiom along this line is "throwing good money after bad". | This is a shortened version of the "sunk cost fallacy." Wikipedia has a [https://en.wikipedia.org/wiki/Sunk_cost good explanation of this general phenomenon]. The idea here is that after we've bought something or put energy into it, we might decide to continue because of what we already spent, not because we really enjoy or want it any more. We might want to leave but feel that we can't or shouldn't. Examples that relate to this class include continuing to participate in a group after we stop enjoying it because of how much work it was to join in the first place, how much we already spent, how long we've already been a member, and so on. We might even continue to invest even though we simultaneously feel as if we are wasting our effort. Another fun idiom along this line is "throwing good money after bad". | ||