In practice, sunk costs often influence important decisions, especially when a decision maker doesn't want to admit that a previous decision was a bad decision.

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This is a common behavioral bias known as the sunk cost fallacy, where individuals feel invested in a previous decision and are reluctant to let it go, even if it no longer makes rational sense. Thus, sunk costs often influence important decisions, especially when a decision maker doesn't want to admit that a previous decision was a bad decision.

In Practice, Sunk Costs Often Influence Important Decisions, Especially When