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Concept information

social science subjects > psychology > social psychology > judgment and decision making > sunk costs
... > social science subjects > health and social care > medical science > medicine > clinical medicine > medical decision making > health outcomes and measurement > sunk costs
... > other subjects > natural sciences > life sciences > medical science > medicine > clinical medicine > medical decision making > health outcomes and measurement > sunk costs

Preferred term

sunk costs  

Definition(s)

  • The sunk-cost or escalation effect leads a decision maker to continue a course of action into which an initial investment of time, thought, or expense has been “sunk,” even after that particular course of action has proven to be a suboptimal choice. Like most cognitive heuristics, maintaining an unsuccessful course of action is often adaptive, as positive outcomes can take time to accrue, and there are always costs involved in switching. [Source: Encyclopedia of Medical Decision Making; Sunk Costs]

Broader concept(s)

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URI

http://data.loterre.fr/ark:/67375/N9J-NLM50HM6-G

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