Each year on January 1, millions of Americans, having made New Year's resolutions to lose weight and get in shape, purchase annual gym memberships. A CNN survey indicates that 30% of all New Year's resolutions are abandoned by February 1; 80% by July. In other words, millions of people buy expensive gym memberships and then fail to use them.

Gym members' failure to use their gym memberships

exhibits the sunk cost fallacy

. If a gym member no longer wishes to use one's gym membership,

the individual is letting her or his investment in gym membership go to waste

.