Monday, June 3, 2013

SUMMARY: HOW TO WALK AWAY

Reading task: How to Walk Away, Level * 
A lot of people find it very hard to admit they were wrong; they made a bad decision or investment. This is called the sunk costs fallacy and there are three reasons for it: we have no alternative, we can’t face our family or friends or we hate sunk costs. However, throwing good money after bad – prevention focus – just increases the misery and other negative effects. Instead one should remember that it is never too late to give up and move on – promotion focus.
85 words

Provided by the Oracle

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