The Sunk Cost Fallacy in Poker
The sunk cost fallacy can be defined thusly: it is a phenomenon that occurs when a person has invested heavily into a strategy and is unwilling to abandon it, even when abandoning it would be most beneficial. This has applications in every day life and in poker.
Recently, my adorable daughter couldn’t sleep. At midnight my loving wife and I decided it was because she was still in a cot at home, but had slept in a normal bed the past few nights at sleepovers and was ready for the change.
I assumed (horribly wrongly) that converting the cot into a bed was as simple as unscrewing the damn sides and that would be that. An hour of DIY later and the sunk cost fallacy sprang to mind.
We could have just let our daughter sleep in our bed with one of us for the night and finished the assembly the next day, but we persevered only for our daughter to not want to sleep in the new big girl bed after all. Live and learn!
So, how does the idea of the sunk cost fallacy translate into the poker strategy and what does it mean for your approach to the game? To find out, be sure to visit the 888poker Magazine to read the full article.