Sunk Costs, "Experimental" Purchases and Conversation with Chris Chapman from Next Level Minds

February 25, 2020 NaN
Sunk Costs, "Experimental" Purchases and Conversation with Chris Chapman from Next Level Minds
Why'd You Buy That?
Sunk Costs, "Experimental" Purchases and Conversation with Chris Chapman from Next Level Minds

Feb 25 2020 | NaN

/

Show Notes

Why are you more likely to attend a football game in the dead of winter in a blizzard if you paid for a ticket instead of gotten it for free?   It's hard to let go of things we have invested in, even if continuing with them is not in our best interest.  This is the phenomenon of sunk costs. 

In this week's podcast, Dan and Drew explore the psychology of sunk costs then talk about the virtues of thinking about some purchases as "experiments" so that we can more easily let go of them if they don't work out.

Then, Drew has a conversation with Chris Chapman, the founder of the Next Level Minds podcast about money lessons he learned through the years. 

Thank you to: 

Chris Chapman: Next Level Minds Podcast 

Reference: Psychology of Sunk Costs

Arkes, Hal & Blumer, Catherine. (1985). The psychology of sunk cost. Organizational Behavior and Human Decision Processes. 35. 124-140. 10.1016/0749-5978(85)90049-4.

Other Episodes

Episode

July 02, 2019 NaN
Episode Cover

$2 Million car gets in a fender bender, the Frugal Fellow and thoughts on Father's Day

Dan and Drew discuss lessons they learned about money from their fathers, what happens when you have a $2 Million dollar car that gets...

Listen

Episode

October 05, 2020 NaN
Episode Cover

Netflix (and other charges), the Runway Chef and a Tribute to RBG

In this episode Dan and Drew are joined by friend of the podcast Jessica Steele, and lifestyle blogger Alyssa Ponticello. In the first half...

Listen

Episode

April 07, 2020 NaN
Episode Cover

Social Distancing, Guns at Five Guys, and Dan Navigates A Shared Purchase With Neighbors

In this episode, we talk about the effect social distancing has had in our families, Drew talks about the odd experience of getting takeout...

Listen