Cost that has already been incurred and cannot be recovered
"Sunk Costs" redirects here. For the Better Call Saul episode, see Sunk Costs (Better Call Saul).
In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered.[1][2] Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken.[3] 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.
^Mankiw, N. Gregory (2009). Principles of Microeconomics (5th ed.). Mason, OH: Cengage Learning. pp. 296–297. ISBN 978-1-111-80697-2.
^Mankiw, N. Gregory (2018). Principles of Economics (8th ed.). Boston, MA: Cengage Learning. pp. 274–276. ISBN 978-1-305-58512-6.
^Warnacut, Joyce I. (2017). The Monetary Value of Time: Why Traditional Accounting Systems Make Customers Wait. Taylor & Francis. ISBN 978-1-4987-4967-1.
decision-making, a sunkcost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted...
that sunk costs should be ignored when making future decisions, people sometimes make the mistake of thinking sunkcost matters. This is sunkcost fallacy...
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gym in a larger, these factors to reduce the cost and reduce the psychological sunk costs, more vivid sunk costs significantly increased people's gym visits...
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based on the cumulative prior investment ("sunkcost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected...
normally fixed costs. Sunkcost: A cost already incurred, which cannot be recovered. Other costs Standard Costing is a technique of Cost Accounting to compare...
understands their role and responsibilities. Corporate culture Fail fast Kanban Sunkcost The Bachelor of Business Administration (BBA, B.B.A., BSBA, B.S.B.A.,...
Foot-in-the-door technique Icebreaker (facilitation) Reciprocity (social psychology) Sunk-cost fallacy Social proof McRaney, David (2011-10-05). "The Benjamin Franklin...
unless generating at maximum availability since the LCOE is nearly all sunk-cost capital investment. Grids with very large amounts of intermittent power...
attack – Violent attack in which the attacker accepts their own death Sunkcost fallacy – Cost that has already been incurred and cannot be recoveredPages displaying...
value theorem Opportunity cost Returns to scale Pareto efficiency Self-organized criticality Submodular set function Sunk-cost fallacy Tendency of the rate...
Hills Like White Elephants Bridge to nowhere Escalation of commitment (sunkcost fallacy) Pork barrel Abul-Abbas "Home : Oxford English Dictionary". oxforddictionaries...
conditional probabilities. Escalation of commitment, irrational escalation, or sunkcost fallacy, where people justify increased investment in a decision, based...
as the gambler's fallacy, understanding of regression to the mean, the sunkcost fallacy, and others. Keith Stanovich found that cognitive ability is not...
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choice – Free choice in which only one option is actually offered Sunkcost – Cost that has already been incurred and cannot be recovered Ultimatum –...
maintenance cost is large, such as the need to pump a large amount of spring water even after completion, even a huge investment is regarded as a sunkcost, and...
paradox – Paradox involving a game with repeated coin flipping Sunkcost fallacy – Cost that has already been incurred and cannot be recoveredPages displaying...
recommend a treatment that does not work. This is a manifestation of the sunkcost fallacy. Fraud Some practitioners, fully aware of the ineffectiveness...
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