The Top 10 Thinking Traps Exposed
Posted at litemind.com, by Luciano Passuello. Here's an error commonly made by people in relationships -- who stay in bad relationships, well, because they've already put so much time and effort in:
3. The Sunk Cost Trap: Protecting Earlier Choices You pre-ordered a non-refundable ticket to a basketball game. On the night of the game, you're tired and there's a blizzard raging outside. You regret the fact that you bought the ticket because, frankly, you would prefer to stay at home, light up your fireplace and comfortably watch the game on TV. What would you do?It may be hard to admit, but staying at home is the best choice here. The money for the ticket is already gone regardless of the alternative you choose: it's a sunk cost, and it shouldn't influence your decision.
Part two (the second five) are at this link.
These 10 items should be required reading for everyone before they leave the house in the morning!
Jay R at July 23, 2009 7:42 AM
Agree!
Amy Alkon at July 23, 2009 7:58 AM
OFFTOPIC
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That Cosh sure knows how to tease a story.
Crid [CridComment@gmail] at July 23, 2009 9:21 AM
Have you ever heard of Tim Kight, the founder of Focus 3.
One of his key points is:
You can't control any event that occurs, but your reaction to that event helps control the outcome. If you react badly the outcome will not necessarily be good. Sometimes even a good reaction will still end with a bad outcome.
But personal responsibility plays a big part.
Jim P. at July 23, 2009 9:22 AM
If only my brain could work more like this more often...
Rainer at July 23, 2009 3:56 PM
The sunk cost trap is a lesson recently learned. My parents generously allowed us to use their timeshare points to book a week in Vegas so we could attend a professional conference and have a vacation. About two months before the planned trip we had several unexpected expenses come up, and decided that although the trip wouldn't break us, it would definitely not be a good time right now - there was still the cost of travel, food, entertainment, boarding the dog, etc. My dad was pissed off - since we didn't give 90 days' notice, half the points were forfeit. I was thinking, if we went on the trip 100% of those points would have been gone. They're gone regardless of whether or not we go, and in the circumstances not going is the smart decision. Good to know I'm right.
Beth at July 27, 2009 1:34 PM
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