![]() ![]() ![]() 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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