[A Reblog] Psychology on Beating a Dead Horse

Another name to something that was previously just an observed behavior! In this case, the tendency of people to not give up even after it has been shown that further effort will not change the outcome. The continued effort might even be detrimental to yourself in some significant way too which makes this behavior all the more baffling and illogical. Well, the name for it is the sunk cost effect and here’s the article on it and an excerpt:

https://thelastbehaviorist.blogspot.com/2012/11/the-sunk-cost-effect.html

“Ah, the Concorde; the joint development program of the British and French governments that pushed ahead even when the economic benefits of the project were no longer possible. It was designed to be a passenger aircraft capable of supersonic flight but its lasting legacy resides mostly in game theory, where it has been adopted as a description of irrational behavior – the Concorde fallacy. More generally, the process behind the fallacy is known as the sunk cost effect.”

Featured Image also from the same article
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