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Definition the sunk cost fallacy refers to the tendency for people to continue investing time, money, or effort into something simply because they have already invested in it, even when continuing would … Psychology definition for sunk cost fallacy in normal everyday language, edited by psychologists, professors and leading students. The sunk cost fallacy is a psychological and economic phenomenon that influences the decision-making process, making people that have committed an investment towards a course of action stick to it …
