Sunk Cost Fallacy: The most common way in which people plan vacations is to decide where and when they want to travel, and only later do they consider the fares. (More on the fallacy of this approach and a superior strategy in Chapter 3.) Once we’ve mentally committed ourselves to a specific trip, not going or going somewhere else doesn’t feel like

sunk cost and loss aversion. People have a strong reluctance to discard something that they’ve already invested in.