The sunk or lost cost in economics refers to those retrospective expenses that have been made and that cannot be recovered over time. According to the Economipedia, sunk costs include money, time or ...

Sunk cost fallacy involves continuing investments due to past costs, not future benefits. Recognize irrational holding by setting pre-determined exit points for investments. Regularly review ...

It was a Words with Friends chat that first gave Megan Phelps-Roper pause. Keep Up with the GGSC Happiness Calendar Make the world a little better this month People have a marked tendency to cling to ...

Everyone makes mistakes or suffers from bad luck from time to time. But too often, people dig their heels when the tide is shifting against them, rather than getting back on course — especially when ...

Our society loves to emphasize perseverance. Never quit! Never give up! Don't waste. But only you know the right path for you. Source: Unsplash / Leah Hetteberg I came across an image recently of a ...

Ever stayed in a terrible movie just because you already paid for the ticket? Or clung to a failing relationship because of “all the years you’ve put in”? If so, congratulations—you’ve met the sunk ...

Human beings do not respond rationally to “sunk costs.” We persist in doing what we’ve always done because, well, that’s what we’ve always done. We confuse loyalty with stubbornness. We are reluctant ...