The sunk cost fallacy is a theory of human nature that says people will continue to invest in something – financially or emotionally – based on the length of the investment instead of the quality of the outcomes. A business owner might refuse to pull the plug on a failed idea, because they’re afraid of “losing” the money they’ve already spent. A long-term married couple might decide to continue their relationship because they’ve been married a long time and believe that splitting up would render those years wasted. It’s the reason we won’t put down a book or turn off a movie we’ve half-finished but zero-enjoyed.
In an essay on Lit Hub, Hazel Hayes examines the sunk cost fallacy in love and writing. “Most of us have, at some point, kept going even when we knew on some level that we should cut and run,” Hayes writes. “This is a form of loss aversion, and it’s very common in gambling; we’d rather keep trying in the hopes of winning back the money we’ve lost, than admit we lost it in the first place.”
Other factors come into play, such as the possibility that circumstances might change and the fear of negative emotional outcomes, such as grief or regret. This also happens to writers. “Sometimes, I put so much time and energy into a chapter that it’s hard to admit when it’s not working,” Hayes writes. “The feeling is a lot like love, too, because I can’t always put my finger on exactly what’s wrong, I just know it isn’t right. Instead of moving on to something else, I’ll keep revising the same piece of writing over and over, picking away at each paragraph in the hopes of making my efforts worthwhile, when deep down I know what I have to do; learn what I can from it, then scrap it and move on.”
But you should move on, but not without taking that first step. There’s always some lesson to be learned—the words that don’t make the final draft can often lead you to the words that do—and at the very least, now you know what you don’t want to write, which can be just as valuable,” Hayes explains.
While you shouldn’t give up too easily, you should examine why you don’t want to quit something. If your answer is, “I’ve already invested too much,” it might be time to cut your losses and move on. “That’s easier said than done, of course, but remember that by choosing to move on, you’re not moving on from business, or love, or writing entirely. You’re just learning what you can from this chapter, and then letting it go,” Hayes concludes.
