Do you have an expensive but uncomfortable pair of shoes or jeans at the back of your cupboard that you never ever wear, but you simply cannot throw away because to do so would be to admit defeat and recognise that you wasted a lot of money? If so, you are suffering from the sunk-cost bias or fallacy.
Help is at hand in the form of a new study by researchers at INSEAD in Singapore and The Wharton School at the The University of Pennsylvania. Andrew Hafenbrack and his colleagues claim that just...
