Meaning of “sunk cost fallacy” in the English Dictionary

Business

"sunk cost fallacy" in Business English

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sunk cost fallacynoun [ S ]

uk us ECONOMICS, MANAGEMENT

the idea that a company or organization is more likely to continue with a project if they have already invested a lot of money, time, or effort in it, even when continuing is not the best thing to do:

Economists would point out that the sunk cost fallacy is irrational, and could be described as "throwing good money after bad".

(Definition of “sunk cost fallacy” from the Cambridge Business English Dictionary © Cambridge University Press)