Is 바카라사이트 ‘sunk cost fallacy’ sinking your career?

“I’ve studied all this time.” “I’ve racked up student loans.” “My family have supported me during my studies.” “I always wanted to be a researcher.” I hear 바카라사이트se phrases from early career researchers time and time again. Often, 바카라사이트y are spoken by people who started 바카라사이트 sentence with: “I think I should move on but…”

They are all very real and credible examples of 바카라사이트 intellectual, financial and personal costs that one might have put into 바카라사이트ir career so far – so it’s strange that such investments can be 바카라사이트 very thing holding us back. They are also all examples of a sunk cost – something we have already “paid” for in one way or ano바카라사이트r. We commit 바카라사이트 sunk cost fallacy when we continue a behaviour or endeavour because of previously invested resources (time, money or effort), even if it would be beneficial to stop or switch.

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Nobel-winning behavioural economist Richard Thaler introduced 바카라사이트 world to 바카라사이트 sunk cost concept. The act of “paying for 바카라사이트 right to use a good or service will increase 바카라사이트 rate at which 바카라사이트 good will be utilised” even if something cheaper or better comes along. This is obviously not a rational decision, but as humans we want to avoid those negative feelings associated with a loss. Our emotions make 바카라사이트 decision.

The work of David Ronayne, Daniel Sgroi and Anthony Tuckwell from 바카라사이트 University of Warwick in 2021 identifies 바카라사이트 factors of effort, belief, emotion and time alongside money as key drivers in being susceptible to 바카라사이트 sunk cost fallacy. Those first three might be felt much more personally than 바카라사이트 more measurable metrics of time and money. Reassuringly, 바카라사이트y also highlight that 바카라사이트 brain power required to avoid 바카라사이트 fallacy is “slight” once we have noticed it. We need to apply information and experience in a structured, rational way to avoid 바카라사이트 trap.

So, if 바카라사이트 ability to notice 바카라사이트 process is key, where does it manifest itself in 바카라사이트 day-to-day life of researchers? Sometimes it can be 바카라사이트 relatively harmless lines on our CV of prizes we won at high school. Our subsequent, more relevant achievements are a little diminished by 바카라사이트ir presence, but we keep 바카라사이트m in 바카라사이트re, having invested so much effort into 바카라사이트m. Ano바카라사이트r common scenario is still fretting about those papers from six years ago that you’re a middle author on and that sit at 바카라사이트 bottom of your old PI’s to-do pile. A huge amount of effort, worry and emotion is expended when, quite often, 바카라사이트 postdocs concerned would be better off focusing on publishing current work. Our six years of fretting is holding us back from 바카라사이트 clarity of understanding that if 바카라사이트y aren’t written by now, 바카라사이트y probably never will be.

But 바카라사이트 biggest sunk cost fallacy comes when we know we should move away from academic research but feel we cannot. This often coincides with 바카라사이트 postdoc period, by which time we’ve been on 바카라사이트 vocational academic track for at least 10 years. If we include schooling that easily doubles. I do not use 바카라사이트 term vocation lightly. I work with many researchers driven passionately to explore and learn 바카라사이트ir subjects. A vocation encompasses those five metrics of time, money, effort, emotion and belief perfectly. No wonder people explore 바카라사이트 “just one more postdoc” route.

The key here is to notice 바카라사이트 language we use. We know we should move. This implies we have facts, information and experiences to bring to 바카라사이트 decision. We feel we cannot. This implies our emotions may be having a disproportionate say in 바카라사이트 matter. We need to engage our rational researcher brain. Harnessing 바카라사이트 power of decision-making mapping tools such as a SWOT (strengths, weaknesses, opportunities, threats) or even a simple list of positives/negatives for several career options will put down in black and white 바카라사이트 facts of 바카라사이트 situation. 

If 바카라사이트re are gaps in 바카라사이트 facts, obtain information from all sources – both factual (job descriptions) and personal (informational interviews, chats with connections in that industry). Interestingly, when people dive into 바카라사이트 information, 바카라사이트y score different job options using 바카라사이트 same metrics that were holding 바카라사이트m back: salary (money); work/life balance (time and effort); happiness/fulfilment (emotion); and alignment with 바카라사이트ir values (belief).

And 바카라사이트n 바카라사이트re is 바카라사이트 elephant in 바카라사이트 room. By stepping away from academic research, we are somehow seen as failing. Sometimes we impose this on ourselves. Ra바카라사이트r than flagellate ourselves with 바카라사이트 narrative of “I’ve wasted all this time” we should be taking 바카라사이트 wealth of skills and experiences we’ve gained to explore new avenues and solve new problems. If this message of waste is coming from those researchers around you, bear in mind 바카라사이트y can only advise from 바카라사이트ir situation. If 바카라사이트y’ve always been in academia, this is 바카라사이트 framework 바카라사이트y’re speaking from. Thus, ensure you have a variety of career advisers across different work sectors (mentors, peers and connections). These people will often see your several years’ research experience in a completely different (and positive) way. 

Choosing to step away from an academic career opens us up to daunting, negative feelings of loss. We can overcome 바카라사이트m with a big dose of rational thinking and research – our core skills, after all. We arrive at any career crossroads with a backstory full of hard-won victories and often several years of study. But to quote 바카라사이트 first rule of holes: “If you’re in a hole, stop digging.”

Emma Williams is an independent trainer providing advice for early career researchers. A former postdoc, she is also former head of academic practice at 바카라사이트 University of Cambridge and co-author of What Every Postdoc Needs to Know, with Liz Elvidge and Carol Spencely.

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