Sunk cost, fallacy, and dilemma

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Sunk cost dilemma

Describes the emotional difficulty of deciding whether to proceed with or abandon a project when time and money have already been spent but the desired results have not been achieved

Sunk cost

a cost that has already been paid and cannot be recovered

Sunk cost fallacy

a framing effect in which people make decisions about a current situation based on what they have previously invested in the situation


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