People seem to know that it is irrational to be more upset about running 30 minutes late and missing a plane by a minute (i.e., the plane departure was delayed) than about being 30 minutes late and missing a plane by 30 minutes (i.e., the plane took off as scheduled).

Question

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This phenomenon is known as "the sunk cost fallacy" and it is a cognitive bias where people tend to focus more on what has already been lost or invested (such as time and effort spent getting to the airport) rather than on future outcomes or benefits (such as missing a flight and avoiding potential danger). While this tendency may seem irrational or counterproductive, it is a common feature of human decision-making and can be influenced by various factors such as emotions, framing, social norms, and individual differences. Research has shown that people can become more aware of and overcome this bias by practicing mindfulness, reflection, and critical thinking.

People Seem to Know That It Is Irrational to Be