![]() ![]() And you know what? I haven’t thought about the wasted prepayment for a single second since then. An expert was providing hard evidence that there was a better option, yet the primary reason I didn’t want to change was an unchangeable investment.įortunately, a few months ago, the website got so unbearably slow that I asked Dave to switch to a different hosting provider (he chose FreshSites). This is classic sunk cost fallacy behavior. Our web developer, Dave Hewer, could go into detail about this, but to put it in basic terms that I understand, our website site was really slow.ĭave would tell me about this every few months (gently, not pushy), but my response was always the same: I’ve already prepaid for 10 years of GoDaddy, so we’ll just wrap up that commitment and then change hosting providers. However, as this website and its audience grew, our hosting service with GoDaddy couldn’t quite keep up. It seemed like a good financial decision at the time. I can’t remember the exact numbers, but it was something like a 10-year prepayment with a significant savings per year as a result. ![]() So at a certain point after paying for annual renewals, I made a long-term commitment. Sure, the site went down from time to time, but GoDaddy has good customer service, and they’d generally get it back online within the hour. From my non-techie perspective, I thought they did a pretty good job. Since 2012, I’ve used GoDaddy as my hosting provider for this website. That brings us to how I succumbed to the sunk cost fallacy with something you’re using right now: the Stonemaier Games website. (I’m not suggesting this is the case with Stranger Things–I haven’t watched season 3 yet, but I’m looking forward to doing so.) However, as the second definition points out, it’s often the case that as you spend more time on something, the harder it is to stop, even if there’s an accumulation of evidence suggesting otherwise. ![]() That isn’t a bad thing, especially if you’re continuing to enjoy the show. Part of the reason you might be doing so is because you’ve already invested your time and energy into the first 2 seasons. Like, you might be watching season 3 of Stranger Things right now. “…the more you invest in something the harder it becomes to abandon it.” ( You Are Not So Smart)Īs the first definition suggests, the sunk cost fallacy isn’t inherently bad.“Individuals commit the sunk cost fallacy when they continue a behavior or endeavor as a result of previously invested resources (time, money or effort) (Arkes & Blumer, 1985).” ( Behavioral Economics).If you’re not familiar with the concept, here are two excellent definitions: Have you ever succumbed to the sunk cost fallacy? I have, and I just barely escaped from it. ![]()
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