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When we fall to the Sunk Cost Fallacy, we are most likely to continue an endeavour if we have already invested in it, minimising downsides and new information in the process.
It happens due to three reasons:
- the commitment bias: we stick to a previous decision despite new evidence showing it isn’t the best course of action
- the loss aversion bias: avoid being in a losing situation since losses feel much worse than gains.
- the endowment effect: we tend to attribute more value to something we own or make than something we buy.
Solution?
Instead of estimating how long it will take to code a feature, you could estimate the maximum amount you’re willing to spend on this feature