Hat tip to Ryan for pointing out this 8 question quiz that tests your susceptibility to sunk cost.

Here's one of the scenarios that your students will encounter: 

After they answer all 8 questions, they will be given their results.Here's an example: 

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Now it's time for some explanations. 

What's the sunk cost fallacy? 

• From Decision Lab: "The Sunk Cost Fallacy describes our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits."
• Examples: watching a movie at the theater until the end even through you're not enjoying it, reading a book you bought even though you lost interest in the first chapter. 

Questions after students complete the quiz: 

• What was your overall score on the quiz (final screen)? Do you think this reflects your susceptibility to the sunk cost fallacy? 
• Which of the 8 scenarios were you most likely to continue on the same course of action even through it might have been advantageous to choose a new path? 
• Why do you think it's so difficult to not fall for the sunk cost fallacy? 
• Are there examples in your life where you have made decisions influenced by the sunk cost fallacy? 

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Looking for additional activities on sunk costs? Here's what I found using NGPF's search tool 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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