225:. In business, an example of sunk costs may be an investment into a factory or research that now has a lower value or none. For example, $ 20 million has been spent on building a power plant; the value now is zero because it is incomplete (and no sale or recovery is feasible). The plant can be completed for an additional $ 10 million or abandoned and a different but equally valuable facility built for $ 5 million. Abandonment and construction of the alternative facility is the more rational decision, even though it represents a total loss of the original expenditure—the original sum invested is a sunk cost. If decision-makers are irrational or have the "wrong" (different) incentives, the completion of the project may be chosen. For example, politicians or managers may have more incentive to avoid the appearance of a total loss. In practice, there is considerable ambiguity and uncertainty in such cases, and decisions may in retrospect appear irrational that were, at the time, reasonable to the economic actors involved and in the context of their incentives. A decision-maker might make rational decisions according to their incentives, outside of efficiency or profitability. This is considered to be an
425:: 72 of the people had just finished placing a $ 2.00 bet within the past 30 seconds, and 69 people were about to place a $ 2.00 bet in the next 30 seconds. Their hypothesis was that people who had just committed themselves to a course of action (betting $ 2.00) would reduce post-decision dissonance by believing more strongly than ever that they had picked a winner. Knox and Inkster asked the bettors to rate their horse's chances of winning on a 7-point scale. What they found was that people who were about to place a bet rated the chance that their horse would win at an average of 3.48 which corresponded to a "fair chance of winning" whereas people who had just finished betting gave an average rating of 4.81 which corresponded to a "good chance of winning". Their hypothesis was confirmed: after making a $ 2.00 commitment, people became more confident their bet would pay off. Knox and Inkster performed an ancillary test on the patrons of the horses themselves and managed (after normalization) to repeat their finding almost identically. Other researchers have also found evidence of inflated probability estimations.
170:, and such behavior may be described as "throwing good money after bad", while refusing to succumb to what may be described as "cutting one's losses". People can remain in failing relationships because they "have already invested too much to leave". Other people are swayed by arguments that a war must continue because lives will have been sacrificed in vain unless victory is achieved. Individuals caught up in psychologically manipulative scams will continue investing time, money and emotional energy into the project, despite doubts or suspicions that something is not right. These types of behaviour do not seem to accord with rational choice theory and are often classified as behavioural errors.
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that they, as manager, had made an earlier, disappointing R&D investment. In the low responsibility condition, subjects were told that a former manager had made a previous R&D investment in the underperforming division and were given the same profit data as the other group. In both cases, subjects were then asked to make a new $ 20 million investment. There was a significant interaction between assumed responsibility and average investment, with the high responsibility condition averaging $ 12.97 million and the low condition averaging $ 9.43 million. Similar results have been obtained in other studies.
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people should not let sunk costs influence their decisions; sunk costs are irrelevant to rational decisions. Thus, if a new factory was originally projected to cost $ 100 million, and yield $ 120 million in value, and after $ 30 million is spent on it the value projection falls to $ 65 million, the company should abandon the project rather than spending an additional $ 70 million to complete it. Conversely, if the value projection falls to $ 75 million, the company, as a rational actor, should continue the project. This is known as the
143:(dependent on volume). However, many economists consider it a mistake to classify sunk costs as "fixed" or "variable". For example, if a firm sinks $ 400 million on an enterprise software installation, that cost is "sunk" because it was a one-time expense and cannot be recovered once spent. A "fixed" cost would be monthly payments made as part of a service contract or licensing deal with the company that set up the software. The upfront irretrievable payment for the installation should
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214:(R&D) costs. Once spent, such costs are sunk and should have no effect on future pricing decisions. A pharmaceutical company's attempt to justify high prices because of the need to recoup R&D expenses would be fallacious. The company would charge a high price whether R&D cost one dollar or one million. R&D costs and the ability to recoup those costs are a factor in deciding whether to spend the money on R&D in the first place.
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second experiment, while people are in a relationship which they had invested enough time in, they tended to devote more time to the relationship. It also means people fall into the sunk cost fallacy. Although people should ignore sunk costs and make rational decisions when planning for the future, time, money, and effort often make people continue to maintain this relationship, which is equivalent to continuing to invest in failed projects.
60:, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties.
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lost public support in the 1970s and 1980s, when public service commissions around the nation ordered prudency reviews. From these reviews, De Bondt and
Makhija find evidence that the commissions denied many utility companies even partial recovery of nuclear construction costs on the grounds that they had been mismanaging the nuclear construction projects in ways consistent with throwing good money after bad.
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history. In the language of decision trees, it requires the agent's choice at a particular choice node to be independent of unreachable parts of the tree. This formulation makes clear how central the principle is to standard economic theory by, for example, founding the folding-back algorithm for individual sequential decisions and game-theoretical concepts such as sub-game perfection.
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by the sunk cost fallacy. When stressed, they are more motivated to invest in failed projects rather than take additional approaches. Their report shows that the sunk cost fallacy will have a greater impact on people under high load conditions and people's psychological state and external environment will be the key influencing factors.
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hypothesis. Secondly, the social image hypothesis suggests that the frame in which the options are presented will affect the way the decision maker is viewed and will in turn affect their behaviour. Lastly, the frame may affect the expectations that people have about each other's behaviour and will in turn affect their own behaviour.
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supersonic airplane even after it became apparent that there was no longer an economic case for the aircraft. The
British government privately regarded the project as a commercial disaster that should never have been started. Political and legal issues made it impossible for either government to pull
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There are cases in which taking sunk costs into account in decision-making, violating the bygones principle, is rational. For example, for a manager who wishes to be perceived as persevering in the face of adversity, or to avoid blame for earlier mistakes, it may be rational to persist with a project
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Dijkstra and Hong proposed that part of a person's behavior is influenced by a person's current emotions. Their experiments showed that emotional responses benefit from the sunk cost fallacy. Negative influences lead to the sunk cost fallacy. For example, anxious people face the stress brought about
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consequences. Past mistakes are irrelevant. Any costs incurred prior to making the decision have already been incurred no matter what decision is made. They may be described as "water under the bridge", and making decisions on their basis may be described as "crying over spilt milk". In other words,
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The bygones principle can also be formalised as the notion of "separability". Separability requires agents to take decisions by comparing the available options in eventualities that can still occur, uninfluenced by how the current situation was reached or by eventualities that are precluded by that
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The most common type of framing effect was theorised in
Kahneman & Tversky, 1979 in the form of valence framing effects. This form of framing signifies types of framing. The first type can be considered positive where the 'sure thing' option highlights the positivity whereas if it is negative,
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that tends to force the continuation of a plan or course of action even in the face of changing conditions. In the field of aerospace it has been recognised as a significant causal factor in accidents, with a 2004 NASA study finding that in 9 out of the 19 accidents studied, aircrew exhibited this
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A ticket buyer who purchases a ticket in advance to an event they eventually turn out not to enjoy makes a semi-public commitment to watching it. To leave early is to make this lapse of judgment manifest to strangers, an appearance they might otherwise choose to avoid. As well, the person may not
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investment either in an underperforming company department, or in other sections of the hypothetical company. Staw and Fox divided the participants into two groups: a low responsibility condition and a high responsibility condition. In the high responsibility condition, the participants were told
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According to evidence reported by De Bondt and
Makhija (1988), managers of many utility companies in the United States have been overly reluctant to terminate economically unviable nuclear plant projects. In the 1960s, the nuclear power industry promised "energy too cheap to meter". Nuclear power
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The bygones principle does not always accord with real-world behavior. Sunk costs often influence people's decisions, with people believing that investments (i.e., sunk costs) justify further expenditures. People demonstrate "a greater tendency to continue an endeavor once an investment in money,
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While these functions are framed differently, regardless of the input 'x', the outcome is analytically equivalent. Therefore, if a rational decision maker were to choose between these two functions, the likelihood of each function being chosen should be the same. However, a framing effect places
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Rego, Arantes, and MagalhĂŁes point out that the sunk cost effect exists in committed relationships. They devised two experiments, one of which showed that people in a relationship which they had invested money and effort in were more likely to keep that relationship going than end it; and in the
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Ellingsen, Johannesson, Möllerström and
Munkammar have categorised framing effects in a social and economic orientation into three broad classes of theories. Firstly, the framing of options presented can affect internalised social norms or social preferences - this is called variable sociality
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ran aground when its captain persisted with a risky course rather than accepting a delay. It has been a factor in numerous air crashes and an analysis of 279 approach and landing accidents (ALAs) found that it was the fourth most common cause, occurring in 11% of cases. Another analysis of 76
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for personal reasons even if it is not the benefit of their company. Or, if they hold private information about the undesirability of abandoning a project, it is fully rational to persist with a project that outsiders think displays the fallacy of sunk cost.
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the 'sure thing' option highlights the negativity, while both being analytically identical. For example, saving 200 people from a sinking ship of 600 is equivalent to letting 400 people drown. The former framing type is positive and the latter is negative.
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where the outcome is the same regardless of how the information is framed. This is in contradiction to the concept of intentionality, which is concerned with whether the presentation of information changes the situation in question.
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There is also evidence of government representatives failing to ignore sunk costs. The term "Concorde fallacy" derives from the fact that the
British and French governments continued to fund the joint development of the costly
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Winter, Scott R.; Rice, Stephen; Capps, John; Trombley, Justin; Milner, Mattie N.; Anania, Emily C.; Walters, Nathan W.; Baugh, Bradley S. (2020-03-01). "An analysis of a pilot's adherence to their personal weather minimums".
121:, which says that it is rational in decision-making to disregard (cancel) any state of the world that yields the same outcome regardless of one's choice. Past decisions—including sunk costs—meet that criterion.
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and is properly included in any decision-making process. For instance, if someone is considering pre-ordering movie tickets, but has not actually purchased them yet, the cost remains avoidable.
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be deemed a "fixed" cost, with its cost spread out over time. Sunk costs should be kept separate. The "variable costs" for this project might include data centre power usage, for example.
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The desire not to appear wasteful—"One reason why people may wish to throw good money after bad is that to stop investing would constitute an admission that the prior money was wasted."
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The requisite of personal responsibility. Sunk cost appears to operate chiefly in those who feel a personal responsibility for the investments that are to be viewed as a sunk cost.
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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".
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Levin, Irwin P.; Schneider, Sandra L.; Gaeth, Gary J. (2 November 1998). "All Frames Are Not
Created Equal: A Typology and Critical Analysis of Framing Effects".
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having made a decision. The second is that of personal responsibility: when you are personally accountable, it is difficult for you to admit that you were wrong.
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want to leave the event because they have already paid, so they may feel that leaving would waste their expenditure. Alternatively, they may take a sense of
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incurs costs that cannot normally be recovered. It is not typically possible to later "demote" one's brand names in exchange for cash. A second example is
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Ellingsen, Tore; Johannesson, Magnus; Mollerstrom, Johanna; Munkhammar, Sara (17 May 2012). "Social framing effects: Preferences or beliefs?".
334:; e.g. as a loss or as a gain. People tend to avoid risk when a positive frame is presented but seek risks when a negative frame is presented.
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is reversed; that is, where individuals appear irrationally eager to write off earlier investments in order to take up a new endeavor.
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1713:"A review of optimism bias, planning fallacy, sunk cost bias and groupthink in project delivery and organisational decision making"
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who may stick to a planned course even when it is leading to fatal disaster and they should abort instead. A famous example is the
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An overoptimistic probability bias, whereby after an investment the evaluation of one's investment-reaping dividends is increased.
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The idea of sunk costs is often employed when analyzing business decisions. A common example of a sunk cost for a business is the
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Heath, Chip. "Escalation and de-escalation of commitment in response to sunk costs: The role of budgeting in mental accounting."
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suggests that there are at least four specific psychological factors underlying the sunk cost effect:
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Taken together, these results suggest that the sunk cost effect may reflect non-standard measures of
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and is distinct from a sunk cost problem. Some research has also noted circumstances where the
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In a study of 96 business students, Staw and Fox gave the subjects a choice between making an
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Parayre, Roch (1995). "The strategic implications of sunk costs: A behavioral perspective".
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There are also two predominant factors that characterise the bias. The first is an overly
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that has already been incurred and cannot be recovered. Sunk costs are contrasted with
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The framing effect which underlies the sunk cost effect builds upon the concept of
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Until a decision-maker irreversibly commits resources, the prospective cost is an
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A related phenomenon is plan continuation bias, which is recognised as a subtle
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Cost that has already been incurred and cannot be recovered
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2162:Foundations of Microeconomics.
841:. Tata McGraw-Hill Education.
784:. Tata McGraw-Hill Education.
773:
673:. Cambridge University Press.
662:
290:unwillingness to admit failure
206:of a brand name. This type of
1:
1310:Business Research (Göttingen)
816:. Global India Publications.
700:First Principles of Economics
580:
442:Desire not to appear wasteful
2037:10.1016/0030-5073(76)90005-2
1931:10.1016/0749-5978(85)90049-4
1442:10.1371/journal.pone.0209900
1165:Cambridge English Dictionary
1139:10.1016/0749-5978(85)90049-4
988:10.1016/0167-2681(95)00045-3
946:. Pearson / Addison Wesley.
596:Principles of Microeconomics
7:
2811:Civil engineering economics
2796:Statistical decision theory
2436:Income elasticity of demand
2146:10.1037/0033-2909.125.5.591
1854:Games and Economic Behavior
1093:10.1037/0033-2909.125.5.591
837:Samuelson, Paul A. (2010).
644:Warnacut, Joyce I. (2017).
619:Mankiw, N. Gregory (2018).
594:Mankiw, N. Gregory (2009).
524:
115:expected utility hypothesis
10:
3001:
2446:Price elasticity of supply
2441:Price elasticity of demand
2431:Cross elasticity of demand
1989:10.1177/001872677703000503
1589:10.1016/j.ssci.2019.104576
552:Foot-in-the-door technique
158:
18:
2922:
2889:
2768:
2325:
2216:Farrar, Straus and Giroux
2125:10.1108/JSMA-01-2014-0009
1866:10.1016/j.geb.2012.05.007
1323:10.1007/s40685-014-0014-8
1275:10.1007/s12144-016-9529-9
919:10.1007/s11238-010-9233-4
517:in having recognised the
2502:Income–consumption curve
2232:New York Review of Books
648:. Taylor & Francis.
542:Escalation of commitment
212:research and development
2836:Industrial organization
2211:Thinking, Fast and Slow
2016:Staw, Barry M. (1976).
1788:10.1126/science.7455683
1691:"Pressing the Approach"
1017:. No. March 1987.
1015:Harvard Business Review
940:Sherman, Roger (2008).
864:The Journal of Business
621:Principles of Economics
573:Thinking, Fast and Slow
259:Torrey Canyon oil spill
2134:Psychological Bulletin
1831:10.1006/obhd.1998.2804
1505:Critical Uncertainties
1357:Behav. Ecol. Sociobiol
1081:Psychological Bulletin
316:
284:and delays due to the
280:Projects often suffer
237:Plan continuation bias
190:
110:rational choice theory
2806:Engineering economics
2401:Cost–benefit analysis
1737:Plous, Scott (1993).
1698:Aviation Safety World
1555:www.thehumandiver.com
810:Gupta, K. P. (2009).
759:. McGraw-Hill Irwin.
311:
304:Psychological factors
249:This is a hazard for
184:
130:avoidable future cost
2623:Price discrimination
2517:Intertemporal choice
2208:Kahneman, D. (2011)
2179:Doody, Ryan (2020).
1676:Flight Safety Digest
780:Jain, P. K. (2000).
474:improve this section
321:behavioral economics
275:cognitive dissonance
161:Fail fast (business)
2934:Business portal
2871:Operations research
2698:Substitution effect
1780:1981Sci...211..453T
1642:(18 January 2019),
1433:2019PLoSO..1409900D
1161:"sunk cost fallacy"
1042:Arkes, Hal (2000).
907:Theory and Decision
547:Region-beta paradox
70:classical economics
2980:Behavioral finance
2512:Indifference curve
2480:Goods and services
2421:Economies of scope
2416:Economies of scale
1369:10.1007/BF00292525
1263:Current Psychology
1194:Skeptical Inquirer
1044:"Think Like a Dog"
727:Ryan, Bob (2004).
532:Disposition effect
317:
246:behavioural bias.
191:
113:, particularly in
95:marginal principle
48:retrospective cost
2952:
2951:
2914:Political economy
2713:Supply and demand
2593:Pareto efficiency
2243:978-0-8090-9481-3
2194:(40): 1153–1190.
2173:978-0-07-290027-9
1752:978-0-07-050477-6
1485:62 (1995): 38-38.
1401:978-0-8090-9481-3
1186:Radford, Benjamin
953:978-0-321-32232-6
943:Market Regulation
848:978-0-07-070071-0
823:978-93-80228-02-0
791:978-0-07-040224-9
766:978-0-07-721199-8
738:978-1-86152-993-0
710:978-0-297-82120-5
680:978-1-107-12366-3
655:978-1-4987-4967-1
630:978-1-305-58512-6
605:978-1-111-80697-2
510:
509:
502:
227:incentive problem
168:sunk cost fallacy
91:bygones principle
64:Bygones principle
57:prospective costs
2992:
2975:Cognitive biases
2970:Cost engineering
2942:
2941:
2932:
2931:
2674:Returns to scale
2532:Market structure
2312:
2305:
2298:
2289:
2288:
2205:
2203:
2185:
2157:
2128:
2098:
2097:
2061:
2055:
2054:
2052:
2051:
2022:
2013:
2007:
2006:
2004:
2003:
1968:
1962:
1961:
1941:
1935:
1934:
1914:
1905:
1904:
1893:10.1037/h0025528
1876:
1870:
1869:
1849:
1843:
1842:
1814:
1808:
1807:
1774:(4481): 453–58.
1763:
1757:
1756:
1734:
1728:
1727:
1717:
1708:
1702:
1701:
1700:, pp. 28–33
1695:
1686:
1680:
1679:
1673:
1664:
1658:
1657:
1647:
1636:
1630:
1629:
1623:
1615:
1609:
1608:
1571:
1565:
1564:
1562:
1561:
1547:
1541:
1540:
1538:
1537:
1522:
1516:
1515:
1513:
1512:
1497:
1486:
1479:
1473:
1472:
1462:
1444:
1412:
1406:
1405:
1387:
1381:
1380:
1352:
1346:
1345:
1335:
1325:
1301:
1295:
1294:
1254:
1248:
1247:
1224:Economic Inquiry
1219:
1210:
1209:
1207:
1205:
1188:(January 2017).
1182:
1176:
1175:
1173:
1172:
1157:
1151:
1150:
1122:
1113:
1112:
1076:
1070:
1069:
1067:
1066:
1048:Psychology Today
1039:
1033:
1032:
1030:
1029:
1006:
1000:
999:
971:
958:
957:
937:
931:
930:
913:(2): S185–S202.
902:
896:
895:
870:(4): S251–S278.
859:
853:
852:
834:
828:
827:
807:
796:
795:
777:
771:
770:
752:
743:
742:
724:
715:
714:
694:
685:
684:
666:
660:
659:
641:
635:
634:
616:
610:
609:
591:
537:Endowment effect
519:opportunity cost
505:
498:
494:
491:
485:
454:
446:
400:
384:
298:aversion to loss
286:planning fallacy
231:sunk cost effect
27:Better Call Saul
21:Better Call Saul
3000:
2999:
2995:
2994:
2993:
2991:
2990:
2989:
2955:
2954:
2953:
2948:
2926:
2918:
2885:
2764:
2406:Deadweight loss
2343:Consumer choice
2321:
2316:
2276:New York, 1999
2226:. (Reviewed by
2183:
2107:
2105:Further reading
2102:
2101:
2062:
2058:
2049:
2047:
2020:
2014:
2010:
2001:
1999:
1977:Human Relations
1969:
1965:
1942:
1938:
1915:
1908:
1877:
1873:
1850:
1846:
1815:
1811:
1764:
1760:
1753:
1735:
1731:
1715:
1709:
1705:
1693:
1687:
1683:
1678:, pp. 1–77
1671:
1665:
1661:
1650:Financial Times
1637:
1633:
1621:
1617:
1616:
1612:
1572:
1568:
1559:
1557:
1549:
1548:
1544:
1535:
1533:
1524:
1523:
1519:
1510:
1508:
1499:
1498:
1489:
1480:
1476:
1427:(1): e0209900.
1413:
1409:
1402:
1388:
1384:
1353:
1349:
1302:
1298:
1255:
1251:
1220:
1213:
1203:
1201:
1183:
1179:
1170:
1168:
1159:
1158:
1154:
1123:
1116:
1077:
1073:
1064:
1062:
1040:
1036:
1027:
1025:
1007:
1003:
972:
961:
954:
938:
934:
903:
899:
860:
856:
849:
835:
831:
824:
808:
799:
792:
782:Cost Accounting
778:
774:
767:
753:
746:
739:
725:
718:
711:
695:
688:
681:
671:Patient Capital
667:
663:
656:
642:
638:
631:
617:
613:
606:
592:
588:
583:
578:
567:Stop-loss order
557:Prospect theory
527:
506:
495:
489:
486:
471:
455:
444:
431:
419:
387:
371:
357:
328:Framing effects
313:Daniel Kahneman
306:
300:of sunk costs.
255:aircraft pilots
251:ships' captains
239:
163:
157:
105:decision theory
66:
46:(also known as
40:decision-making
32:
17:
12:
11:
5:
2998:
2988:
2987:
2982:
2977:
2972:
2967:
2950:
2949:
2947:
2946:
2936:
2923:
2920:
2919:
2917:
2916:
2911:
2909:Macroeconomics
2906:
2905:
2904:
2893:
2891:
2887:
2886:
2884:
2883:
2878:
2873:
2868:
2863:
2858:
2853:
2848:
2843:
2838:
2833:
2828:
2823:
2818:
2813:
2808:
2803:
2798:
2793:
2788:
2783:
2778:
2772:
2770:
2766:
2765:
2763:
2762:
2757:
2756:
2755:
2750:
2740:
2735:
2734:
2733:
2724:
2710:
2705:
2700:
2695:
2686:
2681:
2676:
2671:
2666:
2661:
2656:
2651:
2646:
2645:
2644:
2639:
2630:
2625:
2620:
2615:
2610:
2608:Price controls
2600:
2595:
2590:
2589:
2588:
2583:
2578:
2573:
2572:
2571:
2566:
2556:
2551:
2550:
2549:
2544:
2529:
2527:Market failure
2524:
2519:
2514:
2509:
2504:
2499:
2494:
2493:
2492:
2487:
2477:
2472:
2467:
2462:
2461:
2460:
2450:
2449:
2448:
2443:
2438:
2433:
2423:
2418:
2413:
2408:
2403:
2398:
2397:
2396:
2391:
2386:
2381:
2380:
2379:
2369:
2364:
2354:
2345:
2340:
2335:
2329:
2327:
2323:
2322:
2319:Microeconomics
2315:
2314:
2307:
2300:
2292:
2286:
2285:
2271:Varian, Hal R.
2268:
2253:
2246:
2235:
2224:978-0374275631
2206:
2176:
2165:
2158:
2140:(5): 591–600.
2129:
2119:(4): 422–444.
2106:
2103:
2100:
2099:
2078:10.2307/258462
2072:(2): 311–321.
2056:
2008:
1983:(5): 431–450.
1963:
1952:(3): 295–306.
1936:
1906:
1887:(4): 319–323.
1871:
1844:
1825:(2): 149–188.
1809:
1758:
1751:
1729:
1703:
1681:
1659:
1631:
1610:
1577:Safety Science
1566:
1542:
1530:SafetyRisk.net
1517:
1487:
1474:
1407:
1400:
1382:
1347:
1296:
1269:(3): 508–519.
1249:
1230:(2): 323–336.
1211:
1177:
1152:
1133:(1): 124–140.
1114:
1087:(5): 591–600.
1071:
1034:
1001:
982:(3): 417–442.
959:
952:
932:
897:
876:10.1086/296365
854:
847:
829:
822:
797:
790:
772:
765:
757:Microeconomics
744:
737:
716:
709:
686:
679:
661:
654:
636:
629:
611:
604:
585:
584:
582:
579:
577:
576:
569:
564:
559:
554:
549:
544:
539:
534:
528:
526:
523:
508:
507:
458:
456:
449:
443:
440:
430:
427:
418:
415:
402:
401:
385:
361:extensionality
356:
355:Framing effect
353:
345:
344:
341:
338:
335:
319:Evidence from
305:
302:
243:cognitive bias
238:
235:
156:
155:Fallacy effect
153:
141:variable costs
65:
62:
15:
9:
6:
4:
3:
2:
2997:
2986:
2983:
2981:
2978:
2976:
2973:
2971:
2968:
2966:
2963:
2962:
2960:
2945:
2937:
2935:
2930:
2925:
2924:
2921:
2915:
2912:
2910:
2907:
2903:
2900:
2899:
2898:
2895:
2894:
2892:
2888:
2882:
2879:
2877:
2874:
2872:
2869:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2841:Institutional
2839:
2837:
2834:
2832:
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2812:
2809:
2807:
2804:
2802:
2799:
2797:
2794:
2792:
2789:
2787:
2786:Computational
2784:
2782:
2779:
2777:
2774:
2773:
2771:
2767:
2761:
2758:
2754:
2751:
2749:
2746:
2745:
2744:
2741:
2739:
2736:
2732:
2731:Law of supply
2728:
2725:
2723:
2722:Law of demand
2719:
2716:
2715:
2714:
2711:
2709:
2708:Social choice
2706:
2704:
2701:
2699:
2696:
2694:
2693:Excess supply
2690:
2687:
2685:
2682:
2680:
2679:Risk aversion
2677:
2675:
2672:
2670:
2667:
2665:
2662:
2660:
2657:
2655:
2652:
2650:
2647:
2643:
2640:
2638:
2634:
2631:
2629:
2626:
2624:
2621:
2619:
2616:
2614:
2613:Price ceiling
2611:
2609:
2606:
2605:
2604:
2601:
2599:
2596:
2594:
2591:
2587:
2584:
2582:
2579:
2577:
2574:
2570:
2569:Complementary
2567:
2565:
2562:
2561:
2560:
2557:
2555:
2552:
2548:
2545:
2543:
2540:
2539:
2538:
2535:
2534:
2533:
2530:
2528:
2525:
2523:
2520:
2518:
2515:
2513:
2510:
2508:
2505:
2503:
2500:
2498:
2495:
2491:
2488:
2486:
2483:
2482:
2481:
2478:
2476:
2473:
2471:
2468:
2466:
2463:
2459:
2456:
2455:
2454:
2451:
2447:
2444:
2442:
2439:
2437:
2434:
2432:
2429:
2428:
2427:
2424:
2422:
2419:
2417:
2414:
2412:
2409:
2407:
2404:
2402:
2399:
2395:
2392:
2390:
2387:
2385:
2382:
2378:
2375:
2374:
2373:
2370:
2368:
2365:
2363:
2360:
2359:
2358:
2355:
2353:
2352:non-convexity
2349:
2346:
2344:
2341:
2339:
2336:
2334:
2331:
2330:
2328:
2324:
2320:
2313:
2308:
2306:
2301:
2299:
2294:
2293:
2290:
2283:
2282:0-393-97830-3
2279:
2275:
2272:
2269:
2266:
2265:0-262-19305-1
2262:
2258:
2254:
2251:
2247:
2244:
2240:
2236:
2233:
2229:
2228:Freeman Dyson
2225:
2221:
2217:
2213:
2212:
2207:
2202:
2197:
2193:
2189:
2182:
2177:
2174:
2170:
2166:
2163:
2159:
2155:
2151:
2147:
2143:
2139:
2135:
2130:
2126:
2122:
2118:
2114:
2109:
2108:
2095:
2091:
2087:
2083:
2079:
2075:
2071:
2067:
2060:
2046:
2042:
2038:
2034:
2030:
2026:
2019:
2012:
1998:
1994:
1990:
1986:
1982:
1978:
1974:
1967:
1959:
1955:
1951:
1947:
1940:
1932:
1928:
1924:
1920:
1913:
1911:
1902:
1898:
1894:
1890:
1886:
1882:
1875:
1867:
1863:
1859:
1855:
1848:
1840:
1836:
1832:
1828:
1824:
1820:
1813:
1805:
1801:
1797:
1793:
1789:
1785:
1781:
1777:
1773:
1769:
1762:
1754:
1748:
1744:
1740:
1733:
1725:
1721:
1714:
1707:
1699:
1692:
1685:
1677:
1670:
1663:
1655:
1651:
1646:
1641:
1635:
1627:
1620:
1614:
1606:
1602:
1598:
1594:
1590:
1586:
1582:
1578:
1570:
1556:
1552:
1546:
1531:
1527:
1521:
1506:
1502:
1496:
1494:
1492:
1484:
1478:
1470:
1466:
1461:
1456:
1452:
1448:
1443:
1438:
1434:
1430:
1426:
1422:
1418:
1411:
1403:
1397:
1393:
1386:
1378:
1374:
1370:
1366:
1362:
1358:
1351:
1343:
1339:
1334:
1329:
1324:
1319:
1316:(1): 99–138.
1315:
1311:
1307:
1300:
1292:
1288:
1284:
1280:
1276:
1272:
1268:
1264:
1260:
1253:
1245:
1241:
1237:
1233:
1229:
1225:
1218:
1216:
1199:
1195:
1191:
1187:
1181:
1166:
1162:
1156:
1148:
1144:
1140:
1136:
1132:
1128:
1121:
1119:
1110:
1106:
1102:
1098:
1094:
1090:
1086:
1082:
1075:
1061:
1057:
1053:
1049:
1045:
1038:
1024:
1020:
1016:
1012:
1005:
997:
993:
989:
985:
981:
977:
970:
968:
966:
964:
955:
949:
945:
944:
936:
928:
924:
920:
916:
912:
908:
901:
893:
889:
885:
881:
877:
873:
869:
865:
858:
850:
844:
840:
833:
825:
819:
815:
814:
806:
804:
802:
793:
787:
783:
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