Hatching Free Range Ideas

Energize your commitments with sunk costs

In How we learn and think on May 23, 2013 at 2:12 pm

Lewis_Carroll_-_Henry_Holiday_-_Hunting_of_the_Snark_-_Plate_9_unrestored (1)I just read an interesting article on how to increase your follow through with things that you believe you “ought” to do but aren’t in your normal makeup. The premise is that we honor sunk costs, that the money we spend on things in the future influences our behavior. See what you think. I wonder what my sunk cost threshold is? I would throw away $20 but would I throw away $30. Maybe my level is $50. Then if I paid $50 for, say a month long gym membership, I can already hear myself rationalizing. “I won’t go today or tomorrow but I still have 3 weeks left in the month and that’s only a cost of less than $2.50 a day. I can afford to spend out a few more days.”

So would I wait until the remaining days upped the cost to $25 a day or even the final day $50? I can see two things in this. Why gym memberships might be expensive (in addition to making the gym greater profits) and that I’m going to have to be a lot trickier to outsmart myself.

What’s your level?

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