Originally Posted by
Carl Spackler
Um, no...doubling your bet in blackjack is an example of probabilities, not "sunk cost."
That's the whole point. Doubling your bet doesn't change probabilities it just uses more of your bankroll. If you decide to double your bet because you lost a hand you have made a poor decision. There may be a good reason to double your bet - if you can count cards - but doing it because of money you lost is a pretty clear example of the sunk cost fallacy.
A better example for the Sunk Cost fallacy is when pilots decide to stay with ALPA as their bargaining agent even though they're disgusted with the results. They stay because of all the time and money they've invested in ALPA up to this point.
Carl
That is a good example of the sunk cost fallacy if you believe there is a better bargaining agent than ALPA. I don't happen to believe there is a better bargaining agent for Delta pilots at this time but that could certainly change in the future.