JAMS ADR Insights
The Sunk-Cost Fallacy - Why More Discovery May Backfire
Published February 1, 2018
In economics, a sunk cost is any cost that has already been paid and cannot be recovered. The sunk-cost fallacy is a mistake in reasoning in which the sunk costs of an activity are considered when deciding whether to continue the activity. This is sometimes called “throwing good money after bad,” because the money and time spent have already been lost and will not be recovered, no matter what you do now.
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