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Earlier today, someone asked me about my biggest failures on my road to success, and I answered that they all came from stubbornly clinging to old ideas, and refusing to let go of them in spite of negative consequencesspan style=”font-family: arial, sans-serif; font-size: x-small;”.nbsp;/spanHere’s a part of my response:br /
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blockquote class=”tr_bq”This kind of irrational behavior is termed the “sunk cost fallacy”. You keep investing time and resources into something – be it a diet, a training routine, a project, or a relationship – in spite of clear indications that a change of action is needed, and you do it simply because you’ve already committed a good deal of energy into it./blockquoteblockquote class=”tr_bq”You’re dead set on following through, no matter what. Call it the downside of persistence. Or call it for what it is, namely being a damn fool./blockquotebr /
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Thenbsp;a href=”http://en.wikipedia.org/wiki/Sunk_cost#Loss_aversion_and_the_sunk_cost_fallacy” target=”_blank”sunk cost fallacy/anbsp;is a well-known concept […]

Original post by Martin Berkhan

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