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Sunk-Cost Fallacy

quote

When it comes to losses in particular, you need to acknowledge that they've already happened: you've already spent the resources on the project to date. When you allow these irrecoverable costs to cloud your decision making, you are falling victim to the sunk-cost fallacy. The costs of the project so far, including your time spent, have already been sunk. You can't get them back.

From

Chapter:

Spend Your Time Wisely

Section:

Get Out Of Your Own Way

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North Star
Compound Interest
Two-Front Wars
Multitasking
The Top Idea In Your Mind
Deep Work
Eisenhower Decision Matrix
Sayre's Law
Bike Shedding
Opportunity Cost
Opportunity Cost Of Capital
Best Alternative To A Negotiated Agreement (BATNA)
Leverage
High-Leverage Activities
Pareto Principle (80/20 Rule)
Power Law Distribution
Law Of Diminishing Returns
Law Of Diminishing Utility
Negative Returns
Burnout
Present Bias
Discount Rate
Discounted Cash Flow
Hyperbolic Discounting
Commitment
Default Effect
Parkinson's Law
Hofstadter's Law
Loss Aversion
Sunk-Cost Fallacy
Design Pattern
Anti-Pattern
Brute Force
Algorithms
Black Boxes
Automation
Economies Of Scale
Parallel Processing
Divide And Conquer
Reframe The Problem
Social Engineering
Natural Selection
Scientific Method
Inertia
Strategy Tax
Shirky Principle
Lindy Effect
Peak
Momentum
Flywheel
Homeostasis
Activation Energy
Catalyst
Forcing Function
Critical Mass
Chain Reaction
Tipping Point
Technology Adoption Life Cycle
S Curves
Network Effects
Metcalfe's Law
Cascading Failure
Butterfly Effect
Luck Surface Area
Entropy
2x2 Matrices
Polarity
Black-And-White Fallacy
In-Group Favoritism
Out-Group Bias
Zero-Sum
Win-Win
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