Think Like a Dog
Provided byPsychology Today
After digging for half an hour, Lilly the
Labrador gets hold of the old, decrepit bone she had buried last month. But
as the pup settles back to savor the treat, her owner leans down to give her
a new bone, one still juicy with meat. Easy decision. Lilly quickly
disregards the inferior prize and engulfs the more nutritious one.
The strange thing, according to our research, published in the
Psychological Bulletin, is that such a choice isn't as obvious for
people. For example, if you have had an unfulfilling job or unhealthy
relationship for years and then a new opportunity arises, do you jump on it?
There's a good chance you'll find yourself saying: "It's
been 10 years, how can I leave now?" Or worse, after a day of gambling,
you start chanting the Las Vegas mantra: "I can't stop playing
roulette now; I've lost $1,000."
People fall for the
"sunk cost fallacy"--the notion that investment justifies further
cost, while "less advanced" organisms such as dogs, mice and ants
are more likely to cut their losses when faced with impending failure. They
haven't learned, and therefore don't overuse, the "don't
waste" rule. They behave as rational beings should, trying to maximize
future benefits and minimize future costs.
So the next time
you find yourself clinging to a sinking ship, ask yourself: What would Lilly
do?
By Hal Arkes, Ph.D., Ohio University and
Peter Ayton, Ph.D., City University in London
By:
Hal Arkes and Peter Ayton
Originally published by Psychology Today:Jan/Feb 2000
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