Statements (49)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:Scientist
|
| gptkbp:applies_to |
Investments
Relationships Projects |
| gptkbp:can_lead_to |
Financial Loss
Frustration Escalation of Commitment Wasted Resources |
| gptkbp:consequences |
Poor decision making
|
| gptkbp:defines |
A fallacy that occurs when a person continues an endeavor once an investment in money, effort, or time has been made.
|
| gptkbp:example |
Continuing to repair an old car because of the money already spent on repairs.
Staying in a failing business due to the initial investment. |
| gptkbp:first_described_by |
gptkb:Richard_Thaler
|
| https://www.w3.org/2000/01/rdf-schema#label |
Sunk Cost Fallacy
|
| gptkbp:illustrated_by |
The Concorde Fallacy
The Vietnam War Decision Making. |
| gptkbp:is_atype_of |
Logical Fallacy
Fallacy Decision-Making Error |
| gptkbp:is_common_in |
Public Policy
Personal Relationships Consumer Behavior Business Decisions Entertainment Choices Sports Decisions |
| gptkbp:is_countered_by |
Cost-Benefit Analysis
Objective Evaluation Future-Oriented Thinking |
| gptkbp:is_discussed_in |
gptkb:psychology
Economics Behavioral Finance |
| gptkbp:is_influenced_by |
Cognitive Dissonance
Emotional Attachment Loss Aversion |
| gptkbp:is_often_seen_in |
A justification for continuing an investment.
A rational decision. |
| gptkbp:is_opposed_by |
Rational Decision Making
|
| gptkbp:is_related_to |
gptkb:Project_Management
Investment Decisions Opportunity Cost |
| gptkbp:prevention |
Awareness Training
Consultation with Others. Decision-Making Frameworks Focusing on future costs and benefits Recognizing sunk costs |
| gptkbp:related_to |
gptkb:Behavioral_Economics
Decision Making |
| gptkbp:bfsParent |
gptkb:Dan_Ariely
|
| gptkbp:bfsLayer |
5
|