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Sunk Cost - Unlocking the Power of Past Investments Mastering Sunk Costs for Better Decision-Making - cover

Sunk Cost - Unlocking the Power of Past Investments Mastering Sunk Costs for Better Decision-Making

Fouad Sabry

Publisher: One Billion Knowledgeable

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Summary

What is Sunk Cost
 
In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties.
 
How you will benefit
 
(I) Insights, and validations about the following topics:
 
Chapter 1: Sunk cost
 
Chapter 2: Cognitive bias
 
Chapter 3: Daniel Kahneman
 
Chapter 4: Amos Tversky
 
Chapter 5: Behavioral economics
 
Chapter 6: Prospect theory
 
Chapter 7: Supply and demand
 
Chapter 8: Managerial economics
 
Chapter 9: Loss aversion
 
Chapter 10: Status quo bias
 
Chapter 11: Endowment effect
 
Chapter 12: Richard Thaler
 
Chapter 13: Planning fallacy
 
Chapter 14: Mental accounting
 
Chapter 15: Escalation of commitment
 
Chapter 16: Disposition effect
 
Chapter 17: Reference class forecasting
 
Chapter 18: Heuristic (psychology)
 
Chapter 19: Thinking, Fast and Slow
 
Chapter 20: Cognitive bias mitigation
 
Chapter 21: David Gal
 
(II) Answering the public top questions about sunk cost.
 
(III) Real world examples for the usage of sunk cost in many fields.
 
Who this book is for
 
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Sunk Cost.
Available since: 03/30/2024.
Print length: 232 pages.

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