020 Sunk Costs
Jun 23, 2016•10 min
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Episode description
One way we "fool ourselves" (Feynman) is the sunk cost bias. Dr. John Cooke saw it in his academic research, Mohnish Pabrai saw Charlie Munger avoid it, and Richard Thaler saw it but didn't know it.
What are sunk costs, and how can we avoid them? After asking the question, Feynman also gives us the answer.
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