Loss Aversion and the Sunk-Cost Fallacy

www.bbc.com/capital/story/20180914-the-trick-to-learning-when-to-cut-your-losses

What links these examples is the phenomenon of continuing to throw good resources (time or money) after bad, hoping for things to improve when there’s no good reason to believe they will.

In other words, people are loath to cut their losses. We are much more likely to continue to senselessly plough time or money into a project that isn’t working out, in the hope that it will get better, than take a hit and walk away. What drives this is optimism (that, against the odds, the situation will improve) and an aversion to failure.

“We are all susceptible to these biases”, says Dr Jim Everett, a social psychologist and researcher at Leiden University. “But often, we can partially offset them by taking a step back and thinking through the alternatives.”

Play Arcade Games from the 90’s in your Browser

blog.archive.org/2018/09/21/over-1100-new-arcade-machines-added-to-the-internet-arcade/

The majority of these newly-available games date to the 1990s and early 2000s, as arcade machines both became significantly more complicated and graphically rich…In general, pressing the 5 key will insert coins, 1 and 2 will start 1 or 2 player games, and the arrow and spacebar keys will control the games themselves.