Sunk Cost Dilemma
The economic approach that sunk costs should not be considered when decisions are being made can lead to a situation where the sum of a number of good decisions can lead to one big disaster. This dilemma situation can be described using a game theory approach for 1-player games.
The sunk cost dilemma with its sequence of good decisions should not be confused with the sunk cost fallacy, where a misconception of sunk costs can lead to bad decisions.
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Famous quotes containing the words sunk, cost and/or dilemma:
“Your hair may be brushed, but your mind’s untidy,
You’ve had about seven hours’ sleep since Friday,
No wonder you feel that lost sensation;
You’re sunk from a riot of relaxation.”
—Ogden Nash (1902–1971)
“It breedeth no small offence and scandal to see and consider upon the one part the curiosity and cost bestowed by all sorts of men upon their private houses; and on the other part the unclean and negligent order and spare keeping of the houses of prayer by permitting open decays and ruins of coverings of walls and windows, and by appointing unmeet and unseemly tables with foul cloths for the communion of the sacrament.”
—Elizabeth I (1533–1603)
“Many women are surprised by the intensity of their maternal pull and the conflict it brings to their competing roles. This is the precise point at which many women feel the stress of the work/family dilemma most keenly. They realize that they may have a price to pay for wanting to be both professionals and mothers. They feel guilty for not being at work, and angry for being manipulated into feeling this guilt. . . . They don’t quite fit at home. They don’t quite fit at work.”
—Deborah J. Swiss (20th century)