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The Chief Psychology Officer
Exploring the topics of workplace psychology and conscious leadership. Amanda is an award-winning Chartered Psychologist, with vast amounts of experience in talent strategy, resilience, facilitation, development and executive coaching. A Fellow of the Association for Business Psychology and an Associate Fellow of the Division of Occupational Psychology within the British Psychological Society (BPS), Amanda is also a Chartered Scientist. Amanda is a founder CEO of Zircon and is an expert in leadership in crisis, resilience and has led a number of research papers on the subject; most recently Psychological Safety in 2022 and Resilience and Decision-making in 2020. With over 20 years’ experience on aligning businesses’ talent strategy with their organizational strategy and objectives, Amanda has had a significant impact on the talent and HR strategies of many global organizations, and on the lives of many significant and prominent leaders in industry. Dr Amanda Potter can be contacted on LinkedIn: linkedin.com/in/amandapotterzircon www.theCPO.co.uk
The Chief Psychology Officer
Ep53 The neuroscience of sunk cost: why do we throw good money after bad
With January being the month of tightening our financial belts we are looking at the concept of sunk cost and why we submit to the bias of sunk cost and throw good money after bad? The sunk cost fallacy is a cognitive bias that occurs when people continue to invest in a decision or project based on the resources (time, money, or effort) they have already put into it, despite the evidence suggesting that these investments are no longer rational or beneficial. Why do we do this and how can we stop? Our neuroscience research has the answers.
Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.php
For more information about the BeTalent suite of tools and platform as mentioned in this podcast please contact Amanda via email: TheCPO@zircon-mc.co.uk.
Timestamps
Sunk Costs
· 00:00 – Introduction to Sunk Costs
· 01:11 – There’s a moment when this should stop…
· 02:12 – I paid for it; I’m eating it!
· 03:31 – Bad investments
· 04:10 – Confounding Crypto
· 05:05 – Why did I waste my time with Heroes?
· 06:27 – Something will turn around for sure…
I made some mistakes…
· 07:19 – Saving face over money
· 08:03 – Just stop investing in this.
· 09:12 – Neuroscience!
· 09:43 – Looking back in regret
· 10:46 – Reality is a bit blurry
· 11:44 – A rewarding prospect
· 13:03 – It’s too painful to leave it all…
Past blues
· 14:08 – Emotions are running high
· 14:45 – You’re an addict.
· 16:12 – We miss you Matt…
· 16:49 – Cognitive Dissonance
· 17:57 – Don’t dwell on the past too much
· 19:08 – Egomania
The Body Pit
· 20:26 – The hardest part… is letting go
· 22:03 – This is going to hurt
· 23:10 – Functional Stupidity revisited
· 23:45 – Moving on
· 25:18 – Keeping an eye on the future
· 25:46 – The end.
Episodes are available here https://www.thecpo.co.uk/
To follow Zircon on LinkedIn and to be first to hear about podcasts, publications and news, please like and follow us: https://www.linkedin.com/company/zircon-consulting-ltd/
To access the research white papers mentioned in this and other podcasts, please go to: https://zircon-mc.co.uk/zircon-white-papers.php
For more information about the BeTalent suite of tools and platform please contact: TheCPO@zircon-mc.co.uk
