Don’t wait to switch to LED lightbulbs

Are you waiting until your incandescent lightbulbs burn out before switching to LED bulbs? Experts agree that from both a financial and an environmental perspective, it makes sense to throw your perfectly working incandescent bulbs in the trash and replace them with LED bulbs. Severin Borenstein, a professor at the Haas School of Business, in his online Berkeley Blog, uses people’s unwillingness to discard working incandescent bulbs as an example of the “sunk cost fallacy,” a common error in judgment resulting from people’s decision making abilities becoming warped by their previous investments.