Sunk costs
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Information for Authority record
Name (Hebrew)
עלויות אבודות
Name (Latin)
Sunk costs
Name (Arabic)
التكاليف المفقودة
See Also From tracing topical name
Costs, Industrial
Opportunity costs
MARC
MARC
Other Identifiers
Wikidata:
Q958242
Library of congress:
sh2004006683
Sources of Information
- Work cat.: Sutton, J. Sunk costs and market structure, c1991.
- Bantock, G. Dictionary of economics, 1998(Sunk costs. Opportunity costs incurred in the past which are irretrievable and therefore not relevant to current decisions.)
- Shim, J.K. Dictionary of economics, 1995(Sunk cost. The cost of resources ... incurred in the past whose total will not be affected by any decision made now or in the future.)
- Macmillan dictionary of modern economics, 1992(Sunk costs. Costs which cannot be recovered when a firm leaves an industry.)
Wikipedia description:
In economics and business decision-making, a sunk cost (also known as retrospective 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 should no longer be 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.
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