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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"
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
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
The Sunk Cost Fallacy - The Decision Lab The sunk cost fallacy describes our tendency to continue to pursue an endeavor that we have already committed to in terms of investing money, time, or effort, even if those costs are not recoverable
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
Sunk Cost Fallacy – How It Affects Career Decision-Making The sunk cost fallacy can be seen in big life decisions (staying in an expensive graduate program because we are already paid for the first year) as well as small day-to-day decisions (continuing to watch a movie to the end even if it is boring and unenjoyable)
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 | LF - Logical Fallacies The sunk cost fallacy is a cognitive bias and logical error that occurs when individuals or organizations continue to invest in a project, decision, or course of action based on the cumulative prior investment (sunk costs) rather than on the current and future benefits or costs
Sunk Cost Fallacy - Definition, Examples, and How to Overcome It When facing a sunk cost decision, explicitly calculate what else you could do with your future resources (time, money, energy) if you abandoned the current path This shifts focus from what you've already spent to what you could gain elsewhere