Sunk costs

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Sunk costs irrationality refers to the "in for a penny in for a pound" thinking by whioch people who have made a bad decision are convinced to continue making the same bad decision again and again. Sunk costs arguments are often used by confidence men and conservative politicians.

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References

  • Charles Wolf, Jr. "The Present Value of the Past." Journal of Political Economy. 78 (July-August 1970), Pp. 783-792.
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