The Cost Loss Bias has factored many times in my life with books as well as jobs, relationships, and organizational membership. I would invest years of work or emotional value in a job or relationship only to reach a point where it is no longer pleasant productive, or ha become toxic. Seven years, oddly, is a repeated time frame for a lot of this stuff. I wonder if it's some form of Seven Year Itch. I need to move on to something new out of boredom, but in reality, the job or relationship has truly run its course and it was time to break free.
The sunk cost bias starts to become noticeable as time goes on, that it happens oddly enough at 7 years is peculiar. Has it happened to you with books? It used to happen to me when I started reading books, that I wouldn't give them up even when I didn't like them just because of this bias.
In personal relationships it happens a lot, sometimes people maintain friendships that become detrimental just for the value of habit, of being something they have invested a lot of time in. You are so right.
Hi Alan, that's the biggest challenge. The first step is to know that they exist, the second is to try to minimise their influence on us when making decisions. No one is safe from biases, but we can mitigate their effect.
The Cost Loss Bias has factored many times in my life with books as well as jobs, relationships, and organizational membership. I would invest years of work or emotional value in a job or relationship only to reach a point where it is no longer pleasant productive, or ha become toxic. Seven years, oddly, is a repeated time frame for a lot of this stuff. I wonder if it's some form of Seven Year Itch. I need to move on to something new out of boredom, but in reality, the job or relationship has truly run its course and it was time to break free.
The sunk cost bias starts to become noticeable as time goes on, that it happens oddly enough at 7 years is peculiar. Has it happened to you with books? It used to happen to me when I started reading books, that I wouldn't give them up even when I didn't like them just because of this bias.
In personal relationships it happens a lot, sometimes people maintain friendships that become detrimental just for the value of habit, of being something they have invested a lot of time in. You are so right.
Interesting, thank you Alvaro. I am aware of these biases, but it doesn't mean I am immune to them or making better choices.
Hi Alan, that's the biggest challenge. The first step is to know that they exist, the second is to try to minimise their influence on us when making decisions. No one is safe from biases, but we can mitigate their effect.