Sunk Costs Fallacy

The sunk cost fallacy is a cognitive bias in which people make decisions based on the amount of money or resources they have already invested in a situation, rather than on the potential outcome of their decision. This can lead to irrational decisions, as people may continue to invest in a project or situation that is not likely to be successful, simply because they have already invested a significant amount of resources into it. It is important to remember that sunk costs are irretrievable and should not be considered when making decisions.