14
Dec
07
[Link] The Sunk Cost Fallacy
Posted in
Links
J.D., from the excellent fitness blog Get Fit Slowly, has posted a few interesting thoughts about The Sunk Cost Fallacy (also known as the Concorde Fallacy) and how it relates to healthy eating. The basic premise is that people who are already commited to something will base their decisions in part on the commitment, rather than making a hard-headed rational decision based only on cost vs benefit.
J.D.’s example is a good one - it’s like ordering food at a restaurant - you will finish what you’ve ordered because you paid for it, even if you don’t want all of it.
I can closely relate. I’ll almost always finish what’s on my plate, at a restaurant or at home. If I reduce my food portion sizes, I’ll rarely want more - or eat more - once I finish a smaller portion. This is a strong argument for reducing, or pre-planning and measuring, my portion sizes. I hate the idea of measuring portion sizes and so continue to ignore my own advice on this point.
This actually applies heavily to smokers as well. Most smokers will always put off stopping smoking until they finish their “last pack”, even though they want to stop smoking, and just because they’ve paid for it already. Madness.
The opposite of this is the Bygones Principle, which is where all past costs are ignored when making any decision, and economists would argue that this is the way decisions should be made (especially in business).
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December 20th, 2007 at 10:50 pm
I have to offer thoughts to the contrary. I was never raised with the mentality that I had to finish everything on my plate. May parents were very liberal with my upbringing, and if I decided that I didn’t really want to finish all of it, they would make consessions, like “well, at least finish your carrots.” Because of this, I can happily stop myself from finishing what’s on my plate if I feel stuffed or just bored with it. This includes food ordered at restauarants, even though I am quite, well, tight-fisted with my money.
As for the smoking, being a reformed smoker myself, the desire to finish the pack is merely a practice in procrastination, or was at least for me. A pack of cigs is like $3. If I really wanted to quit RIGHT NOW, I would toss it without a second thought. But I want to hang on to the sweet sensation of just a few more drags on just a few more sticks.
Damn, now I want to run out and buy another pack… Love your Jack Daniels site, btw.
January 2nd, 2008 at 3:47 pm
> I can happily stop myself from finishing what’s on my plate if I feel stuffed or just bored with it
Count yourself lucky 
> the desire to finish the pack is merely a practice in procrastination
I don’t doubt that :). The fact they have paid for the pack is of course an excuse to keep smoking - used it myself on plenty of occasions.
