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Hi people, in the wake of this let me explain what the sunk cost fallacy is. Next to monopolies, it is the only thing I ever understood in economics and it is crucial to letting 1fw go. 1/ https://twitter.com/Kelly_McKernan/status/1331409144847470592">https://twitter.com/Kelly_McK...
Sunk cost fallacy is the tendency to continue with a bad exp even after the time (or $) has been invested.
Eg: You bought a yr of Amazon Prime. After enjoying a few mos of free shipping, you learn they exploit their workers and Bezos wants to mine asteroids for more money. 2/
Eg: You bought a yr of Amazon Prime. After enjoying a few mos of free shipping, you learn they exploit their workers and Bezos wants to mine asteroids for more money. 2/
Let& #39;s assume you don& #39;t like Amazon anymore. So, you can:
1. Continue to use Amazon Prime in resentment because you& #39;ve already spent the $ and you "don& #39;t want to waste it"
or
2. Accept you& #39;ve wasted your $ (sunk cost), and make future purchases from indie/mom-and-pop shops. 3/
1. Continue to use Amazon Prime in resentment because you& #39;ve already spent the $ and you "don& #39;t want to waste it"
or
2. Accept you& #39;ve wasted your $ (sunk cost), and make future purchases from indie/mom-and-pop shops. 3/
Logically, 2. is ALWAYS the choice. Either way, the $ is ALREADY SPENT. Your future decisions has no bearing on getting that $ back.
So bringing this back to 1fw: 4/
So bringing this back to 1fw: 4/
We& #39;ve all spent time watching their videos, time commenting on the FB page, supporting them on Patreon. Maybe some of you were mentored by them, or invested that time into becoming friends. 5/
Their videos had a great impact on artists starting on in the con scene. I was one of them.
But that time is GONE. You will not get it back.
Continuing to support 1fw means you are committing more time and energy in a relationship that has already gone bad. 6/
But that time is GONE. You will not get it back.
Continuing to support 1fw means you are committing more time and energy in a relationship that has already gone bad. 6/
