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the sunk costs error

The phrase “throwing good money after bad” describes the very human tendency to continue to pursue a plan of action in the face of information that indicates we should pursue a different course of action. This is known as the sunk costs error. Why do we engage in this seemingly irrational behavior? Well, it’s difficult to admit when we are wrong, especially when we’ve already given the unsuccessful decision a lot of time and resources—we’re invested. Don’t be afraid to walk away when the data makes it clear that you should.

Find two scholarly articles on the sunk cost error and fully explain the error. 250 words. Original work only as I check EVERY paper

 

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