Lora - Thank you for such a lovely comment and the song suggestion which I have added. Michael Franti & Spearhead (featuring Sonna Rele & Supa Dups)
Consider your decision from an outsider's reference point.ĭo you have a song recommendation? Share it with us in the Comments Section below. If well-meaning others voice concerns about your decision, consider whether you have truly listened. Rather than working yourself into a corner defending your chosen path, invest the up-front time in developing multiple options. For example, is there a price point above which you will not pay? The sunk cost fallacy depends on you being emotionally over-invested and having soft or shifting definitions of failure and success. Define what "failure" or "success" is before you start. Knowing what (e.g., time, money) and how much you've lost thus far can help you make a more rational decision. In your personal life, consider the following recommendations when you seek to honor Kenny Rogers' advice about knowing when to walk away and knowing when to run: Other examples include home renovation projects, gambling, bad relationships, and unsatisfying jobs or career choices. Suddenly, you may find that it's more about winning than anything else. 
If you've ever found yourself in a bidding war on eBay or with a real estate deal, then you know how bids can quickly spiral upwards. We can engage in the sunk cost fallacy on a national scale (e.g., the Vietnam War, Iraq War) or as individuals. People tend to become increasingly and irrationally invested in a prior decision when we've already committed substantial resources against it.
The sunk cost fallacy or escalation of commitment to a failing course of action is what Kenny's warning us about, and it's a very real social psychological phenomenon.
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