your goals. THE SUNK Cost FALLACY In psychology, one of the most well-known self-defeating behaviors is the “sunk cost fallacy.” It explains why people remain stuck in their circumstances even though they would rather be elsewhere. Some examples are staying in an unfulfilling relationship or keeping a safe but boring job even though you have the opportunity to get better employment. The status quo bias describes the human disposition to cling to what we are familiar with instead of reaching for the unknown. Similar to the Pareto Principle (discussed in chapter 17), the concept has its roots in economics and was founded by economists Richard Zeckhauser and William Samuelson. In 1988, they published a series of studies in the Journal of Risk and Uncertainty. The articles highlighted the fact that even though economics attempts to predict the choice a person will take when faced with more than one alternative, in the real world, most people choose to do nothing and carry on as normal. A more general term for this tendency is ‘inertia.’ Loss AVERSION IT'HEORY Why is it that we choose to stick with the same jobs, people, and ambitions? A number of reasons have been put forward to explain this behavior. One reason is based on the “loss aversion theory,” which stipulates that in general, people don’t like losing things, and this is true even if the thing they lose wasn’t of high value. Before moving onto something that is perceived as better, we want evidence to prove that it is going to enhance our lives before detaching ourselves from what is not serving us. Although making a change often leads to a more positive outcome, on a subconscious level, we assume that change will do us more harm than good. Even positive change, such as moving to a nicer home or getting married, requires a lot of thought. There is always a cost associated with change, and most of the time, we don’t want to pay the price. THE FEAR OF REGRET Another reason for the status quo bias is the fear of regret—no one wants to make a change and then regret it. Typically, this is because they feel that friends, family members, or loved ones will judge them for their mistakes. As a result of this fear, they default to sticking to what they are comfortable with. The fear of