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What Is the Sunk Cost Fallacy? | Definition & Examples - Scribbr
WEBApr 7, 2023 · 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.
Scribbr.comThe Sunk Cost Fallacy: How It Affects Your Decisions - Verywell …
WEBFeb 7, 2023 · sunk cost fallacy is a cognitive bias that can lead to irrational decision-making. Learn more about sunk cost fallacy and how it can show up in your life.
Verywellmind.comThe Sunk Cost Fallacy - The Decision Lab
WEBThe 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.
Thedecisionlab.comSunk cost - Wikipedia
WEBIn economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if …
En.wikipedia.orgSunk Cost Fallacy (Definition + Examples) - Practical Psychology
WEBOct 28, 2023 · 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.
Practicalpie.comHow Susceptible Are You to the Sunk Cost Fallacy? - Harvard Business Review
WEBJul 15, 2021 · Summary. Many managers are susceptible to the famous sunk cost effect, whereby they persist investing in a money-losing project even when it makes sense to invest the new money in alternative
Hbr.orgWhat Is a Sunk Cost—and the Sunk Cost Fallacy? - Investopedia
WEBJun 2, 2024 · The sunk cost fallacy is a psychological barrier that ties people to unsuccessful endeavors simply because they've committed resources to it. Examples of sunk
Investopedia.comWhat is the ‘sunk cost fallacy’? Is it ever a good thing?
WEBNov 27, 2023 · Economists and social scientists argue that such behaviour can happen due to the “sunk cost fallacy” – an inability to ignore costs that have already been spent and can’t be recovered.
Theconversation.comSunk Cost Fallacy: Definition and Examples | Grammarly
WEBAug 25, 2022 · The sunk cost fallacy is a logical fallacy that entails sticking with a losing or failed venture because you’ve already invested a significant amount of time, money, or other resources that you can’t get back.
Grammarly.comWhat Is the Sunk Cost Fallacy? | Definition & Examples - QuillBot
WEBJun 26, 2024 · The sunk cost fallacy is a cognitive bias when it affects internal decision-making and a logical fallacy when used to persuade others. It is an error that people tend to make when emotions, especially fear, override logic.
Quillbot.com