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Sunk cost - Wikipedia The sunk cost fallacy has also been called the " Concorde fallacy": the British and French governments took their past expenses on the costly supersonic jet as a rationale for continuing the project, as opposed to "cutting their losses"
What Is the Sunk Cost Fallacy? | Definition Examples - Scribbr What is the sunk cost fallacy? The sunk cost fallacy occurs when we feel that we have invested too much to quit This psychological trap causes us to stick with a plan even if it no longer serves us and the costs clearly outweigh the benefits
Sunk Cost Fallacy: Why We Cant Let Go - PositivePsychology. com The sunk cost fallacy is the tendency to persist in an endeavor once an investment in money, time, or effort has been made, regardless of future costs This fallacy often leads to poor decision-making, as it prioritizes past investments over better future options
The Sunk Cost Fallacy - The Decision Lab The Sunk Cost Fallacy describes our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits
What Is a Sunk Cost—and the Sunk Cost Fallacy? - Investopedia Focusing on future outcomes, setting clear limits, and seeking an outside perspective are methods for avoiding the sunk cost fallacy Sunk costs apply to personal and business settings
The Sunk Cost Trap: Why We Throw Good Money After Bad The sunk cost fallacy occurs when we use money, time, or effort we've already spent (and can't recover) as justification to keep investing in something that's clearly not working
Sunk Cost Fallacy (Definition + Examples) - Practical Psychology What is the Sunk Cost Fallacy? The sunk cost fallacy, sometimes called the “Concorde fallacy”, is the inclination to follow through on commitments or events based on prior investments, be they financial, time, or any other resource
Understanding the Sunk Cost Fallacy How to Avoid It In this article, we’ll break down the concept of “what is the sunk cost fallacy,” explore its psychological drivers, and provide real-world examples to help you understand how to avoid it in your own life