At some point in our lives, we’re all likely to make an investment, in time or money or effort, which goes wrong. But, when we know we’re in a hole, why do we find it so hard to stop digging? Realising when we should cut our losses is a decision making skill that’s important in all areas of our lives. In this Why Factor Sandra Kanthal examines why we should all learn how to avoid the 'sunk cost' fallacy.

Guests:

Spencer Christian - author, You Bet Your Life

Wandi Bruine de Bruin - professor of behavioural decision making, Leeds University Business School Dean Yeong - Malaysian writer and entrepreneur Lior Sheffer – post-doctoral fellow, Department of Political Science, University of TorontoChristopher Olivola - assistant professor of marketing, Tepper School of Business, Carnegie Mellon UniversityClaire Gregory – co-founder, The Female Fitness Academy

Presented and produced by Sandra Kanthal

Editor: Richard Knight