Sunk cost effect

Definition

The sunk cost effect refers to a tendency to continue an endeavour once an investment in money, effort or time has been made (Arkes & Blumer, 1985), in the face of being more "economical" not continuing it at present. This effect is also known as the "Concorde fallacy", or the "Don't waste rule".

Theoretical frame

Supporting evidence

Refuting evidence

Way forward (to do list)

References

1. full reference in the following format AUTHOR (date work).Title. Reference location, date publication.

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