Parent – Sorry I’m late.
Dr. B – Are you biking to work now?
Parent – Car’s in the shop.
Dr. B – Again?
Parent – Yeah.
Dr. B – What is it this time?
Parent – Brakes
Dr. B – Why do you keep that car?
Parent – Already put so much money into it. I can’t just get rid of it.
Dr. B – Oh, that makes sense.
Parent – So tell me where I’m wrong.
Dr. B – Do you know what the sunk-cost fallacy is?
Parent – A fallacy? Must have something to do with screwing up, right?
Dr. B – It’s an explanation for why we can throw good money after bad.
Parent – Like continuing to repair my car?
Dr. B – Exactly. Your reason was, “I’ve already put so much money into it”.
Parent – I did say that, didn’t I?
Dr. B – It’s kind of like loss aversion.
Parent – I thought that was trying to avoid losses?
Dr. B – Maybe getting rid of your car would make the loss real and you don’t …
Parent – Don’t say it. I get your point. It’s still faster than your Honda.
Dr. B – Not when it’s in the shop, it isn’t.
Parent – What’s this got to do with parenting?
Dr. B – Absolutely nothing … except that if we are not able to spot our own cognitive biases, we won’t be able to help our kids spot theirs, will we?
