Quote:
Originally Posted by mintacular
I find this interesting. If we as sellers were robots we should apply this theory. But we are not. Would you say the more successful dealer is able to put emotion aside including what they are into a card and just stay firm and charge the higher amount? Can you mentally just push aside the original purchase price? Easier said than done
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The last line of my post said "of course people fall for the sunk cost fallacy all the time". People are emotional and not merely rational. But someone who ignores what they paid for something when they go to sell it will, in the long run, make more money than someone who takes it into consideration.