Sunk-costs

Prospective Costs

are costs that may be incurred or changed if an action is taken

Cost Overrun

involves unexpected costs incurred in excess of budgeted amounts due to an underestimation of the actual cost during budgeting.

Relevant Cost

is a cost that differs between alternatives being considered

Sunk Costs

is a cost that has already been incurred and cannot be recovered.

Framing Effects

is an example of cognitive bias, in which people react to a particular choice in different ways depending on how it is presented; e.g. as a loss or as a gain.

Point Of No Return

is the point beyond which one must continue on one's current course of action because turning back is physically impossible, prohibitively expensive, or dangerous

Opportunity Cost

is the value (not a benefit) of the choice of a best alternative cost while making a decision.

Sunk Cost Fallacy

is when an expence which can not be refunded is not wanted, but will either way be used because of the cost of not utilising it is bigger then to utilise it.

Post-Decision Dissonance

refers to feeling dissonance regarding the possibility of it being wrong.

Loss Aversion

refers to people's tendency to prefer avoiding losses to acquiring equivalent gains: it is better to not lose $5 than to find $5.