{"id":1036,"date":"2018-08-01T16:54:17","date_gmt":"2018-08-01T15:54:17","guid":{"rendered":"http:\/\/www.thebodymatters.co.uk\/blog\/?p=1036"},"modified":"2022-06-21T14:05:54","modified_gmt":"2022-06-21T13:05:54","slug":"irrational-reasons-change","status":"publish","type":"post","link":"https:\/\/www.thebodymatters.co.uk\/blog\/2018\/08\/irrational-reasons-change\/","title":{"rendered":"Irrational Reasons to Avoid Change: The Case of \u2018Sunk Costs\u2019"},"content":{"rendered":"

At first sight there may be little that the dismal science of Economics can offer to improve our understanding of the human mind \u2013 but in fact, Economics has many insights to offer with regard to human behaviour. When reading the work of Nobel Prize winners such as Richard Thaler, for example, it\u2019s not immediately clear if the author is a psychologist or behavioural economist.<\/p>\n

One Economics concept that can be applied to human behaviour is that of \u2018Sunk costs\u2019. A \u2018Sunk cost\u2019 is a cost \u2013 a sum of money (and possibly time), that we have invested in a project and which we cannot ever retrieve. A typical example from an Economics textbook might by a firm\u2019s spending on advertising. This expenditure, whilst it might lead to higher sales, cannot, in itself be \u2018got back\u2019. Money spent buying a computer, on the other hand, can, at least partially be retrieved, if one later sells the computer on the second-hand market.<\/p>\n

The problem here is that psychologically, we find it difficult to cease investing in projects in which we have \u2018sunk\u2019 time and money. For example, if we have just spent an enormous sum of money getting our car fixed, the tendency is often for us to decide that we should now get a few more years from it than we\u2019d previously planned. If we\u2019ve spent money on theatre tickets and then don\u2019t feel like going, we are more likely to go if the tickets were expensive and less likely to go if the tickets were given out as a \u2018freebie\u2019. This might seem innocuous enough, but should we spend a few more decades of our lives in an unhappy marriage or relationship, because we\u2019ve invested several already in it? Or continue in a job because we\u2019ve spent (sunk) time and money training in that area? What about if we\u2019ve spent a lot of money on a dress or suit that now looks ghastly on us \u2013 and that we can\u2019t return or realistically sell? Should we carry on wearing it till it wears out, to make our investment in it worthwhile?<\/p>\n

Logic would suggest that continuing as if we\u2019d actually made a great decision is not necessarily the best choice and could often be an appalling choice \u2013 yet \u2018sunk costs\u2019 explain why we might continue with life as it is \u2013 foregoing any of the possibilities that may be open to us. This is not to say that we have to leave our partner, pack-up our job because of one bad day, or dispose of any outfits that we haven\u2019t worn in the last month \u2013 but that we should be aware of what we are doing with our lives and the choices that we actually do have, or, in the vernacular of our age, be \u2018mindful\u2019.<\/p>\n

To arrange a free 30-minute consultation to discuss how BWRT\u00ae<\/a>, hypnotherapy<\/a> or counselling<\/a> can help you to change your life for the better, contact Jonathan at The Body Matters on 01702 714968.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

At first sight, there may be little that the dismal science of economics can offer to improve our understanding of the human mind.<\/p>\n

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