Cognitive biases: why a smart brain makes the same mistakes every time
The sunk cost fallacy: why money already spent pulls you deeper
You have already paid for one big repair, and now the garage calls about another. Walking away feels like throwing the first payment away. Is it?
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Miva pays $3,000 for a new gearbox, and the yellow car runs again. Three months later, it is back at the garage.
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Now the engine needs $4,000. Or Miva can sell the car as it is and stop paying for it. "I've already put $3,000 into it!" Is that a good reason to keep paying?
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