Sunk Cost Fallacy, Meaning And Trap

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In economics and business decision-making, sunk cost refers to the that has already been incurred cannot be recovered. Sunk costs (also known as retrospective costs) are sometimes contrasted with prospective costs, which future may or changed if an action is taken. regard, both could either fixed (continuous for long in operation unaffected by output volume) variable (dependent on volume). However, many economists consider it a mistake classify "fixed" "variable." For example, firm sinks $400 million enterprise software installation, "sunk" because was one-time expense recovered once spent. A would monthly payments made part of service contract licensing deal company set up software.

A sunk cost (also throwing good money after bad) is the resources (such as money, manpower, or time) that have been expended on a project and cannot be recovered. In analyses of failed or failing projects, a common practice (the sunk cost fallacy) is to allocate more resources (that might be effectively.

The Misconception: You make rational decisions based on the future value of objects, investments and experiences.

The Truth: Your decisions are tainted by the emotional investments you accumulate, and the more you invest in something the harder it becomes to abandon it.