Ep53 The neuroscience of sunk cost: why do we throw good money after bad

01/22/24 • 26 min

With January being the month of tightening our financial belts we are looking at the concept of sunk cost and why we submit to the bias of sunk cost and throw good money after bad? The sunk cost fallacy is a cognitive bias that occurs when people continue to invest in a decision or project based on the resources (time, money, or effort) they have already put into it, despite the evidence suggesting that these investments are no longer rational or beneficial. Why do we do this and how can we stop? Our neuroscience research has the answers.
Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.php
For more information about the BeTalent suite of tools and platform as mentioned in this podcast please contact Amanda via email: [email protected].
Timestamps

Sunk Costs

· 00:00 – Introduction to Sunk Costs

· 01:11 – There’s a moment when this should stop...

· 02:12 – I paid for it; I’m eating it!

· 03:31 – Bad investments

· 04:10 – Confounding Crypto

· 05:05 – Why did I waste my time with Heroes?

· 06:27 – Something will turn around for sure...

I made some mistakes...

· 07:19 – Saving face over money

· 08:03 – Just stop investing in this.

· 09:12 – Neuroscience!

· 09:43 – Looking back in regret

· 10:46 – Reality is a bit blurry

· 11:44 – A rewarding prospect

· 13:03 – It’s too painful to leave it all...

Past blues

· 14:08 – Emotions are running high

· 14:45 – You’re an addict.

· 16:12 – We miss you Matt...

· 16:49 – Cognitive Dissonance

· 17:57 – Don’t dwell on the past too much

· 19:08 – Egomania

The Body Pit

· 20:26 – The hardest part... is letting go

· 22:03 – This is going to hurt

· 23:10 – Functional Stupidity revisited

· 23:45 – Moving on

· 25:18 – Keeping an eye on the future

· 25:46 – The end.

Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.php
For more information about the BeTalent suite of tools and platform please contact: [email protected]

Send us a text

Sunk Costs

· 00:00 – Introduction to Sunk Costs

· 01:11 – There’s a moment when this should stop...

· 02:12 – I paid for it; I’m eating it!

· 03:31 – Bad investments

· 04:10 – Confounding Crypto

· 05:05 – Why did I waste my time with Heroes?

· 06:27 – Something will turn around for sure...

I made some mistakes...

· 07:19 – Saving face over money

· 08:03 – Just stop investing in this.

· 09:12 – Neuroscience!

· 09:43 – Looking back in regret

· 10:46 – Reality is a bit blurry

· 11:44 – A rewarding prospect

· 13:03 – It’s too painful to leave it all...

Past blues

· 14:08 – Emotions are running high

· 14:45 – You’re an addict.

· 16:12 – We miss you Matt...

· 16:49 – Cognitive Dissonance

· 17:57 – Don’t dwell on the past too much

· 19:08 – Egomania

The Body Pit

· 20:26 – The hardest part... is letting go

· 22:03 – This is going to hurt

· 23:10 – Functional Stupidity revisited

· 23:45 – Moving on

· 25:18 – Keeping an eye on the future

· 25:46 – The end.

Previous Episode

Ep52 Trust & Psychological Safety

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Trust is the foundation to Psychological Safety, and Psychologically Safe teams are more likely to speak up challenge and ask questions, thus creating more innovative solutions and improving team performance. Does this mean therefore that trust is the foundation of team performance? In this episode of The Chief Psychology Officer we look at the importance of trust at work, and what teams can do to improve the levels of trust at work.
Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.php
For more information about the BeTalent suite of tools and platform as mentioned in this podcast please contact Amanda via email: [email protected].
Timestamps

Trust & Psychological Safety

· 00:00 – Introduction to Trust & Psychological Safety

· 01:03 – For 5 letters, it is a broad topic...

· 02:01 – Black, white or gray?

· 03:02 – I trust you, to be late

· 04:30 – 3 minutes is a learning tool

Trust in me

· 05:19 – What does Cognitive trust look like?

· 06:38 – A total trust of the heart!

· 07:20 – The best of both

· 08:12 – I don’t want to spook the markets, or people for that matter.

· 10:37 – It’s about connection

· 11:44 – We create our own image

· 13:01 – Hotels won’t miss what we take

Slowly and surely your senses...

· 13:55 – Predictability

· 15:06 – Oxytocin; let there be lov- sorry, trust

· 17:18 – A mother knows...

· 18:16 – The part of the brain that makes you... you.

· 20:00 – Trigger happy trust

· 21:00 – Switch yourself on; people will trust you more

· 22:17 – If you say gullible really slowly, it sounds like chicken

· 24:19 – Trust in the workplace

· 27:02 – Trust is global, it’s just different types where you go

· 28:47 – Respect cultures!

Shut your eyes, and trust in me.

· 29:58 – One eye where you are, another where you want to go

· 30:44 – 評判

· 32:20 – Following the leader

· 33:34 – Neurodiversity preview

· 35:52 – Goodbye Mr. Chep

· 37:27 – Applying the Trust Equation

· 38:29 – Final thoughts?

· 39:15 – The end.

Next Episode

Ep54 Why Good Managers Bully

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Why do managers bully their people? What do they hope will happen? What does Psychology and Neuroscience say about bullying at work? In this episode Amanda and Caitlin look at the science, the psychology and the neuroscience to try to unpick this difficult topic.
This episode title was recommended by Julie Grosvenor from Dudley MBC, at the NW Coaching & Mentoring Conference in November 2023 in Birmingham. Thank you Julie for recommending this episode.
Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
Timestamps

Why Good Managers Bully

· 00:00 – Introduction to Why Good Managers Bully

· 01:04 – A subject we’re all talking about

· 02:09 – I didn’t want to start the day like this...

· 03:18 – I’m just trying to be nice!

· 04:12 – Hypercriticism

· 05:27 – Yeah; I’m gonna need you to come in on Saturday

· 06:36 – Being a total Gareth Keenan

· 08:31 – You’re your own worst enemy

“My only real motivation is not to be hassled” – Peter Gibbons, Office Space

· 10:03 – Stick and Stick situation

· 11:08 – Why do the managers do this?

· 12:36 – I’m just built differently

· 13:32 – I didn’t know I’m like that...

· 14:53 – The toxic workplace

· 16:35 – Occam’s Razor

· 18:20 – Personal potential to bully

· 19:19 – Neuroscience!

· 20:54 – Look at it from their point of view

Looking beyond objectivity

· 22:18 – It’s stressing me out!

· 22:58 – The hive is against the queen

· 24:47 – Scars don’t just go away

· 26:16 – Let’s talk about it...

· 27:53 – Is it possible to measure bullying?

· 28:24 – Utilize the 360.

· 29:01 – The Importance of Coaching

· 30:08 – The end.

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