Avoid the Sunk Cost Fallacy in Teaching
In his 2022 book, The Voltage Effect: How to Make Good Ideas Great and Great Ideas Scale , economist John List, the Kenneth C. Griffin Distinguished Service Professor of Economics at the University of Chicago , defines the Sunk Cost Fallacy as the idea that one must continue to pursue an idea based on money previously invested. The basic idea is that the money previously spent is already gone and no longer recoverable. As humans we have a tendency to feel like that money is wasted if we decide to abandon the effort we spent that money on, even after the project appears doomed for failure. Too often, people continue to pour good money into a failing effort, because they don't want to waste the bad money they've already dumped into it. Teachers are prone to this same fallacy. The year was 2019. I sat for the ACT for the first time since I was a junior in high school, way back in 1984. Thirty five years had passed since the one and only time I'd ever actually SEEN the test. Ov...