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
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Dowbocop
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PostRe: The Sunk Cost Fallacy
by Dowbocop » Wed Jul 11, 2018 4:52 pm

Buy a burner phone and call in a bomb threat, concert gets rescheduled, say you can't do that day, get a refund.

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Preezy
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PostRe: The Sunk Cost Fallacy
by Preezy » Wed Jul 11, 2018 4:55 pm

This is why we can't have nice things.

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Hexx
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PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 4:57 pm

Ahhh we're reached "Preezy's Lament" - blame everyone else for delivering the inevitable consequences

:P

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Hexx
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PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 4:59 pm

But seriously

I'm not actually sure your example is SCF - isn't there meant to be an emotional component and chasing a reward.

e.g. I've put £50 into loot boxes and not got that amazing purple skin for my favourite character I want. I've GOT to get in on my next £3 roll of the dice, surely?!?! I can't stop now. It's a waste of £50........well I can't stop after £53! Better try again or that spending was pointless" and so on

I'm not sure "Do you spend more money to go to a concert you don't want to go to" counts?

I'm genuinely pretty terrible (Mass Effect multiplayer man. I wanted the super biotics so much!) so try to avoid loot boxes etc...because I'm weak and easily addicted.

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OrangeRKN
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PostRe: The Sunk Cost Fallacy
by OrangeRKN » Wed Jul 11, 2018 5:04 pm

It counts for sure. You're choosing to do something to your own detriment for no gain simply because you've already sunk money into it. The sunk cost fallacy is all about making illogical decisions based on prior investment. There doesn't need to be any chance of it going well or giving a reward.

"I've GOT to get in on my next £3 roll of the dice, surely" is gambler's fallacy, although I know that wasn't the focus of your example

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Preezy
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PostRe: The Sunk Cost Fallacy
by Preezy » Wed Jul 11, 2018 5:04 pm

Hexx wrote:I'm not sure "Do you spend more money to go to a concert you don't want to go to" counts?

I'm pretty sure it counts as SCF, it's literally the example used in the book I was reading :?

Your example is also SCF as well, but I think it would be classed as a form of escalation of commitment.

I'm no expert at all though (clearly), so I could be wrong.

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Hexx
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PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 5:07 pm

Preezy wrote:
Hexx wrote:I'm not sure "Do you spend more money to go to a concert you don't want to go to" counts?

I'm pretty sure it counts as SCF, it's literally the example used in the book I was reading :?

Your example is also SCF as well, but I think we be classed as a form of escalation of commitment.

I'm no expert at all though (clearly), so I could be wrong.


Nah nah trust your book over what some berk on the internet thinks :)

Yeah I thought you had to be emotional invested in "chasing" the goal to commit more resources - hence not thinking the "I don't want to go" thing counted.I learned something new :wub:

The other examples I thought was SCF were also things where you desperately try to redeem some value.
(e.g. we've spent £5m on a new IT system but it doesn't work. We need to spend another £2m
Ok now we need yet another £2m...
Ok now we think we need 3 months, 10 stout men and another £4m
I thought SCF was also "aversion to just pulling the plug"

Last edited by Hexx on Wed Jul 11, 2018 5:08 pm, edited 1 time in total.
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Oblomov Boblomov
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PostRe: The Sunk Cost Fallacy
by Oblomov Boblomov » Wed Jul 11, 2018 5:08 pm

I'd still go because I'd consider there to be a fair chance I would enjoy it after all, even if I didn't feel like it at the time. Better to go and find out it was gooseberry fool than to avoid it and miss out on a good experience.

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Tomous
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PostRe: The Sunk Cost Fallacy
by Tomous » Wed Jul 11, 2018 5:09 pm

You going to keep trying with this thread after all the effort you've put into it, despite no one taking it seriously Prezzy? Believe there's a term for this kinda situation...

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Hexx
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PostRe: The Sunk Cost Fallacy
by Hexx » Wed Jul 11, 2018 5:10 pm

Tomous wrote:You going to keep trying with this thread after all the effort you've put into it, despite no one taking it seriously Prezzy? Believe there's a term for this kinda situation...


Oi! I'm engaging Preezy properly about 35% of the time! :capnscotty:

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Minoru
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PostRe: The Sunk Cost Fallacy
by Minoru » Wed Jul 11, 2018 5:10 pm

This scenario is confusing because there are so many variables. Why can't you sell it, why don't you want to go anymore, will you definitely not enjoy it? Etc.

The scenario I usually see used for this is:

A. You leave your house with £50 planning to buy a ticket for £20. On the way to the concert you lose £20. Do you still buy the ticket?

B. You leave your house with £30 and a concert ticket. You lose your ticket and have to buy a new one. A new ticket costs £20. Do you get one?

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Preezy
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PostRe: The Sunk Cost Fallacy
by Preezy » Wed Jul 11, 2018 5:14 pm

Tomous wrote:You going to keep trying with this thread after all the effort you've put into it, despite no one taking it seriously Prezzy? Believe there's a term for this kinda situation...

:lol:

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Moggy
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PostRe: The Sunk Cost Fallacy
by Moggy » Wed Jul 11, 2018 5:27 pm

Tomous wrote:You going to keep trying with this thread after all the effort you've put into it, despite no one taking it seriously Prezzy? Believe there's a term for this kinda situation...


/thread :lol:

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Ironhide
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PostRe: The Sunk Cost Fallacy
by Ironhide » Wed Jul 11, 2018 5:29 pm

I probably wouldn't go if something else came up that I wanted to do more but otherwise I would still go because I don't like wasting money and there's always a chance that I'd enjoy going (assuming I actually like the band/artist, but why else would I buy a ticket anyway?).

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Tragic Magic
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PostRe: The Sunk Cost Fallacy
by Tragic Magic » Wed Jul 11, 2018 5:45 pm

Crap example scenario is crap.

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Trelliz
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PostRe: The Sunk Cost Fallacy
by Trelliz » Wed Jul 11, 2018 10:26 pm

Jenuall wrote: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".


If you sold them bootleg tickets then that'd be "Drake's Deception". If you got caught you'd certainly be "Among Thieves" in prison.

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Jenuall
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PostRe: The Sunk Cost Fallacy
by Jenuall » Wed Jul 11, 2018 10:34 pm

Trelliz wrote:
Jenuall wrote: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".


If you sold them bootleg tickets then that'd be "Drake's Deception". If you got caught you'd certainly be "Among Thieves" in prison.


:lol:

If I tried it too many times then they may need to take more drastic measures, then it would be "A Thief's End". :slol:

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Corazon de Leon
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PostRe: The Sunk Cost Fallacy
by Corazon de Leon » Wed Jul 11, 2018 10:48 pm

There are too many variables to give an accurate answer. Who am I going with? Have I made a commitment to someone who will be left alone without me? How far away is the gig venue? Am I going straight from work or is it on a weekend?

I think, if I had been that bothered about trying to shift the tickets, and I wasn’t letting anyone down I would probably not go. As someone else said, it would only cost more on transport, food costs etc.

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Rightey
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PostRe: The Sunk Cost Fallacy
by Rightey » Wed Jul 11, 2018 11:00 pm

I think Hexx's lootbox example was better as there is some understandable motivation to continue to pay money rather than just use your time.

Another one could be if you bought a used car to save money but it keeps breaking down. At what point do you say enough and scrap it? Like if it broke down 5 times and the bill was $200 each time would you be more inclined to scrap it than if it was 1 time but cost $1000 to fix?

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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

Probably would go because I obviously have some attachment to the performer if I bought the ticket in the first place.

A better question would probably be: A group of friends from around the country want to get together in London and see a band or something, and you'll have to travel from up north. You're not that interested in the band itself, but know it will be a good time because your mates are there. They have to cancel after your tickets show up, do you still travel down south for the show alone?

And honestly, as I've already set aside the time, I probably would. if everything's in place I see no reason not to. I would draw the line at digging deeper for it to work and cut my losses, however, but if I'm as out of pocket as I'm going to be I may as well see it through.


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