We know that our brains are imperfect decision-making tools. One of the most common cognitive biases, the sunk cost fallacy, is essential to understand for anyone at the poker table or in business of any kind.The Sunk Cost Fallacy: Making a decision based on previously invested resources rather than future desired outcomes.If new information invalidates your planned course of action, stop yourself.No matter how much time, money or effort you’ve invested to this point, ignore past decisions.You’re in an entirely new situation. Re-evaluate, taking all the information you now have into account.