The Monty Hall paradox reveals a deeper truth about management: sticking with a failing strategy isn't brave—it's bad judgment. When new information changes the odds, smart leaders pivot. Whether it's dodging the sunk-cost fallacy or resisting the fear of looking inconsistent, knowing when to switch
Experience, not computational ability, is predictive of susceptibility to the sunk cost fallacy. Reframing negativity as pragmatism and using organisational experience are key to avoiding sunk cost traps. Hiring for experience and strategic planning are essential in cutting losses and avoiding futur
