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• Sunk_costs abstract "In economics and business decision-making, a sunk cost is a retrospective (past) cost that has already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Sherman notes, however, that many economists consider it a mistake to classify sunk costs as "fixed" or "variable." For example, if a firm sinks $1 million on an enterprise software installation, that cost is "sunk" because it was a one-time expense and cannot be recovered once spent. A "fixed" cost would be monthly payments made as part of a service contract or licensing deal with the company that set up the software. The upfront irretrievable payment for the installation should not be deemed a "fixed" cost, with its cost spread out over time. Sunk costs should be kept separate. The "variable costs" for this project might include data centre power usage, etc.In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision. Traditional economics proposes that economic actors should not let sunk costs influence their decisions. Doing so would not be rationally assessing a decision exclusively on its own merits. Alternatively, a decision-maker might make rational decisions according to their own incentives, outside of efficiency or profitability. This is considered to be an incentive problem and is distinct from a sunk cost problem.Evidence from behavioral economics suggests this theory fails to predict real-world behavior. Sunk costs do, in fact, influence actors' decisions because humans are prone to loss aversion and framing effects. In light of such cognitive quirks, it is unsurprising that people frequently fail to behave in ways that economists deem "rational".Sunk costs should not affect the rational decision-maker's best choice. However, until a decision-maker irreversibly commits resources, the prospective cost is an avoidable future cost and is properly included in any decision-making processes. For example, if one is considering preordering movie tickets, but has not actually purchased them yet, the cost remains avoidable. If the price of the tickets rises to an amount that requires him to pay more than the value he places on them, he should figure the change in prospective cost into the decision-making and re-evaluate his decision.".
• Sunk_costs thumbnail Daniel_KAHNEMAN.jpg?width=300.
• Sunk_costs wikiPageID "102913".
• Sunk_costs wikiPageRevisionID "605059275".
• Sunk_costs hasPhotoCollection Sunk_costs.
• Sunk_costs subject Category:Behavioral_finance.
• Sunk_costs subject Category:Cognitive_biases.
• Sunk_costs subject Category:Costs.
• Sunk_costs subject Category:Game_theory.
• Sunk_costs subject Category:Logical_fallacies.
• Sunk_costs subject Category:Microeconomics.
• Sunk_costs subject Category:Project_management.
• Sunk_costs type Abstraction100002137.
• Sunk_costs type Attitude106193203.
• Sunk_costs type Bias106201908.
• Sunk_costs type Cognition100023271.
• Sunk_costs type CognitiveBiases.
• Sunk_costs type Content105809192.
• Sunk_costs type Cost113275847.
• Sunk_costs type Costs.
• Sunk_costs type Fallacy105893916.
• Sunk_costs type Idea105833840.
• Sunk_costs type Inclination106196584.
• Sunk_costs type LogicalFallacies.
• Sunk_costs type LogicalFallacy105894143.
• Sunk_costs type Misconception105893653.
• Sunk_costs type Outgo113275288.
• Sunk_costs type Partiality106201136.
• Sunk_costs type Possession100032613.
• Sunk_costs type PsychologicalFeature100023100.
• Sunk_costs type Relation100031921.
• Sunk_costs type TransferredProperty113252973.
• Sunk_costs comment "In economics and business decision-making, a sunk cost is a retrospective (past) cost that has already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs.".
• Sunk_costs label "Costo hundido".
• Sunk_costs label "Costo irrecuperabile".
• Sunk_costs label "Coût irrécupérable".
• Sunk_costs label "Custos irrecuperáveis".
• Sunk_costs label "Koszty utopione".
• Sunk_costs label "Sunk costs".
• Sunk_costs label "Sunk costs".
• Sunk_costs label "Sunk costs".
• Sunk_costs label "Невозвратные затраты".
• Sunk_costs label "تكلفة غارقة".
• Sunk_costs label "埋没費用".
• Sunk_costs label "沉没成本".
• Sunk_costs sameAs Utopené_náklady.
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• Sunk_costs sameAs Costo_hundido.
• Sunk_costs sameAs Coût_irrécupérable.
• Sunk_costs sameAs Costo_irrecuperabile.
• Sunk_costs sameAs 埋没費用.
• Sunk_costs sameAs 매몰_비용.
• Sunk_costs sameAs Sunk_costs.
• Sunk_costs sameAs Koszty_utopione.
• Sunk_costs sameAs Custos_irrecuperáveis.
• Sunk_costs sameAs m.0p_4p.
• Sunk_costs sameAs Q958242.
• Sunk_costs sameAs Q958242.
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• Sunk_costs wasDerivedFrom Sunk_costs?oldid=605059275.
• Sunk_costs depiction Daniel_KAHNEMAN.jpg.
• Sunk_costs isPrimaryTopicOf Sunk_costs.