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Psychology >>
Psychology Dictionary >> Sunk-Cost Effect
Sunk-Cost Effect
Sunk-cost effect refers to a tendency toward taking extravagant steps to ensure that a previous expense was not 'in vain'.
The previous expense is the 'sunk cost', that is, a commitment already made.
Often, it is more sensible to abandon this commitment, rather than expending further resources to justify the commitment.
However, this abandonment is preciesely what people tend not to do.
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