very good and helpful video. Let me add something to the sunk cost fallacy coming from own experience: In poker, there can be two evels of this, one could call it makro and micro sunk cost fallacy. The makro one is the one you talk about, you just dont quit a game chasing losses when you actually should take a break. The micro sunk cost fallacy is when within a hand, you just get emotionally too attached to the chips you put into the pot already by any given street. You cant let go because you feel like you need to find a way to win the invested money back, hence become stubborn or spewy, bluff or call too much. So within a hand it can even be important to notice this, take a deep breath and realize you should just let go. I guess this also ties into the commitment and consistency bias though
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very good and helpful video. Let me add something to the sunk cost fallacy coming from own experience: In poker, there can be two evels of this, one could call it makro and micro sunk cost fallacy. The makro one is the one you talk about, you just dont quit a game chasing losses when you actually should take a break. The micro sunk cost fallacy is when within a hand, you just get emotionally too attached to the chips you put into the pot already by any given street. You cant let go because you feel like you need to find a way to win the invested money back, hence become stubborn or spewy, bluff or call too much. So within a hand it can even be important to notice this, take a deep breath and realize you should just let go. I guess this also ties into the commitment and consistency bias though
Love it, yes I agree with you, this happens probably quite often... certainly has happened to me before. Thanks Linc
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