The Sunk Cost Fallacy

Fed up talking videogames? Why?

Would you still go to the concert?

Yes
12
43%
No
16
57%
 
Total votes: 28
User avatar
Preezy
Skeletor
Joined in 2009

PostThe Sunk Cost Fallacy
by Preezy » Wed Jul 11, 2018 3:40 pm

Just been reading some interesting stuff about behavioral economics, in particular the sunk cost fallacy and how easy it can be to fall into this irrational trap. I've been guilty of it myself on many occasions, and I've only just realised it :lol: :fp:

The below is a simple test - I'm sure some of you may already be aware of the fallacy, but I figured it'd be an interesting little experiment all the same. Just a bit of banta m8

Scenario:

You purchase some expensive tickets for a concert that is 6 months away. As the concert date approaches, you realise that you don't want to go anymore, and you try to sell the tickets on to recover some of the money you've spent. No luck. Seems no one else likes Drake either :(

The day of the concert arrives. These tickets cost you half a month's wages, but you can't shift them.

What do you do? :capnscotty:

edit: As some of you seem to struggle with hypotheticals (honestly, it's like working with Karl Pilkington :lol: ), for the sake of the scenario, you can't give them away. No one wants them, not even the window lickers on Facebook. If you don't go, the tickets won't be used.

Last edited by Preezy on Wed Jul 11, 2018 3:57 pm, edited 2 times in total.
User avatar
Octoroc
Emeritus
Emeritus
Joined in 2008
Location: Blighty

PostRe: The Sunk Cost Fallacy
by Octoroc » Wed Jul 11, 2018 3:43 pm

I don't know why I bought the tickets in the first place.

I wouldn't go.

User avatar
Hime
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Hime » Wed Jul 11, 2018 3:44 pm

I wouldn't go and would give them away to someone who wanted to go.

Obviously I'd steal something from them at a later date.

Image
User avatar
Blue Eyes
Member
Joined in 2011

PostRe: The Sunk Cost Fallacy
by Blue Eyes » Wed Jul 11, 2018 3:46 pm

Nah. I'd only spend even more money on booze at the gig.

User avatar
satriales
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by satriales » Wed Jul 11, 2018 3:47 pm

I'd give them to someone else.

User avatar
Blue Eyes
Member
Joined in 2011

PostRe: The Sunk Cost Fallacy
by Blue Eyes » Wed Jul 11, 2018 3:48 pm

satriales wrote:I'd give them to someone else.

Thing is, did you try to sell that same person the ticket first? If they refuse to pay and you end up giving it to them for free you've lost out even more.

User avatar
Dual
Member
Joined in 2008
AKA: Stool Bloke

PostRe: The Sunk Cost Fallacy
by Dual » Wed Jul 11, 2018 3:50 pm

Tout outside to try and make something back

User avatar
satriales
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by satriales » Wed Jul 11, 2018 3:50 pm

Blue Eyes wrote:
satriales wrote:I'd give them to someone else.

Thing is, did you try to sell that same person the ticket first? If they refuse to pay and you end up giving it to them for free you've lost out even more.

If I can't sell them then the money is gone either way. Better to give them to someone that wants to go.

User avatar
Mafro
Moderator
Joined in 2008
AKA: DAT MAF
Contact:

PostRe: The Sunk Cost Fallacy
by Mafro » Wed Jul 11, 2018 3:53 pm

There's always tons of folk on Facebook events for gigs looking for tickets at the last minute so I'd probably just look there.

HSH28 wrote:Assmung you ever get one that is.

Blog | Twitter
User avatar
Moggy
"Special"
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Moggy » Wed Jul 11, 2018 3:58 pm

It depends on who the concert was for. I assume I don’t hate the act (or why else would I have spent half a months wages on the tickets?), so I would probably go and try and have a good time.

If I didn’t like the act, then I would cut my losses and stay home.

User avatar
Hexx
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 4:07 pm

Who was I going to the concert with, and is there a chance of pulling?

User avatar
Knoyleo
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Knoyleo » Wed Jul 11, 2018 4:17 pm

Preezy wrote:Seems no one else likes Drake either :(

:slol:

User avatar
more heat than light
Member
Joined in 2008
Location: Leicestershire

PostRe: The Sunk Cost Fallacy
by more heat than light » Wed Jul 11, 2018 4:17 pm

Mafro wrote:There's always tons of folk on Facebook events for gigs looking for tickets at the last minute so I'd probably just look there.


Yeah or just stick them on Twickets. It's a pretty crappy theoretical question really. Anyone with half a brain would recoup at least the majority of the money.

jawafour wrote:You definitely have the biggest one, mhtl - it's strawberry-floatin' massive!
User avatar
Death's Head
Member
Joined in 2009

PostRe: The Sunk Cost Fallacy
by Death's Head » Wed Jul 11, 2018 4:20 pm

Are you saying no one wants them at face value or no one wants them at any price? If not at face value I'd just sell them for 50% to guarantee I got something back.

If no one wants them at all I'd open a Drake museum where these tickets would be the main (and only) attraction.

Yes?
User avatar
OrangeRKN
SONM & Cake Sec.
SONM & Cake Sec.
Joined in 2015
Location: Reading, UK
Contact:

PostRe: The Sunk Cost Fallacy
by OrangeRKN » Wed Jul 11, 2018 4:23 pm

The sunk cost fallacy is kind of interesting, but what's the name of the fallacy where people try to argue around a hypothetical question to avoid its point? I like that one

User avatar
lex-man
Member
Joined in 2008
Contact:

PostRe: The Sunk Cost Fallacy
by lex-man » Wed Jul 11, 2018 4:24 pm

I think the logical thing would be not to go. If your spending your time doing something you don't enjoy then it's a negative cost so you'd be down the price of the tickets and the time you wasted going to the gig.

I'd probably go though.

User avatar
Hexx
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 4:38 pm

OrangeRakoon wrote:The sunk cost fallacy is kind of interesting, but what's the name of the fallacy where people try to argue around a hypothetical question to avoid its point? I like that one


Preezy's Folly.

User avatar
Moggy
"Special"
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Moggy » Wed Jul 11, 2018 4:45 pm

Hexx wrote:
OrangeRakoon wrote:The sunk cost fallacy is kind of interesting, but what's the name of the fallacy where people try to argue around a hypothetical question to avoid its point? I like that one


Preezy's Folly.


:lol:

User avatar
Irene Demova
Member
Joined in 2009
AKA: Karl

PostRe: The Sunk Cost Fallacy
by Irene Demova » Wed Jul 11, 2018 4:46 pm

my brother seems to like drake, I'd sell them to him

User avatar
Jenuall
Member
Joined in 2008

PostRe: The Sunk Cost Fallacy
by Jenuall » Wed Jul 11, 2018 4:49 pm

I would find a Drake fan to sell them to and using my immense powers of persuasion would get them to part with way more money than I had paid for the tickets in the first place.

I would call my earnings my "Drake's Fortune".

ImageImage

Return to “Stuff”