Learning about Behavorial Economics improved my ability to ignore sunk costs. So I am less hesitant to walk away from something despite having already invested time or money in it.
For example. I ran a website debtmd.com. About getting out of debt and achieving financial freedom.
The site wasn’t gaining much traction and I didn’t have much of an audience to speak of. So when an offer came along to buy the domain I took it. Even though I didn’t fully recoup my costs for logo’s, software, etc… related to running the site.
Why?
It wasn’t going anywhere and I knew it. Plus I had started to get interested in crypto. So I was able to defray some of the costs of setting up a new website in the space with the proceeds from the domain sale.
Prior to reading Thinking Fast and Slow and starting down the behavioral economics rabbit hole. I’m not sure I would have as easily moved on when an opportunity like this presented itself.
As for confirmation bias… Clearly people who reinforce my suspicions are geniuses where as anyone who questions what I believe in is an idiot!