How come people get addicted to slot machines and continue to play hoping to win, if it’s obviously a game designed to make you lose (it gives you back less money than what you put in)?
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Sunk cost fallacy – when starting out you use like 100 bucks – you eventually lose those, but you already “invested” the 100, so by quitting now you lose them forever, but if you *keep playing* you have a chance to recover those 100 you lost.
So you invest another 100 bucks, losing those too, that makes it total of 200 bucks lost, or “invested”, if you end now, you lose 200 bucks, but if you keep playing……
It’s a never ending, vicious cycle of addiction and a false hope of recovering your loss
Sunk cost fallacy happens not only with money, but with time as well – if i’m in relationship for 8 months, it’s going terrible, but i can’t bring myself to end the relationship because i have already “invested” 8 months of my time, which would go to waste if i end the relationship right now, so i keep going….
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