The sunk cost fallacy is a cognitive bias that can lead to irrational decision-making. The fallacy is a mistake in which a person will continue an endeavor as it becomes increasingly worse, solely because they have already invested time or money on it. The 'sunk costs' have already been incurred and cannot be recovered. These costs can include money, time, effort, or attention.
The dangers of the Sunk Cost Fallacy
The dangers of the Sunk Cost Fallacy
The dangers of the Sunk Cost Fallacy
The sunk cost fallacy is a cognitive bias that can lead to irrational decision-making. The fallacy is a mistake in which a person will continue an endeavor as it becomes increasingly worse, solely because they have already invested time or money on it. The 'sunk costs' have already been incurred and cannot be recovered. These costs can include money, time, effort, or attention.