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Message: <blockquote data-quote="gnilukshi" data-source="post: 28817467" data-attributes="member: 132616">Sunk Cost FallacyIn 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][3] Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken.[4] In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future.[3] 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.<img src="https://i.imgur.com/O8CuXUY.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /></blockquote>

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