What is Sunk Cost
In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. 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.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Sunk cost
Chapter 2: Cognitive bias
Chapter 3: Daniel Kahneman
Chapter 4: Amos Tversky
Chapter 5: Behavioral economics
Chapter 6: Prospect theory
Chapter 7: Supply and demand
Chapter 8: Managerial economics
Chapter 9: Loss aversion
Chapter 10: Status quo bias
Chapter 11: Endowment effect
Chapter 12: Richard Thaler
Chapter 13: Planning fallacy
Chapter 14: Mental accounting
Chapter 15: Escalation of commitment
Chapter 16: Disposition effect
Chapter 17: Reference class forecasting
Chapter 18: Heuristic (psychology)
Chapter 19: Thinking, Fast and Slow
Chapter 20: Cognitive bias mitigation
Chapter 21: David Gal
(II) Answering the public top questions about sunk cost.
(III) Real world examples for the usage of sunk cost in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Sunk Cost.
