Matches in DBpedia 2016-04 for { <http://dbpedia.org/resource/Sunk_costs> ?p ?o }
- Sunk_costs abstract "In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs (also known as retrospective costs) are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. However, many economists consider it a mistake to classify sunk costs as \"fixed\" or \"variable.\" For example, if a firm sinks $1 million on an enterprise software installation, that cost is \"sunk\" because it was a one-time expense and cannot be recovered once spent. A \"fixed\" cost would be monthly payments made as part of a service contract or licensing deal with the company that set up the software. The upfront irretrievable payment for the installation should not be deemed a \"fixed\" cost, with its cost spread out over time. Sunk costs should be kept separate. The \"variable costs\" for this project might include data centre power usage, etc.In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision. Traditional economics proposes that economic actors should not let sunk costs influence their decisions. Doing so would not be rationally assessing a decision exclusively on its own merits. Alternatively, a decision-maker might make rational decisions according to their own incentives, outside of efficiency or profitability. This is considered to be an incentive problem and is distinct from a sunk cost problem.Evidence from behavioral economics suggests this theory fails to predict real-world behavior. Sunk costs do, in fact, influence actors' decisions because humans are prone to loss aversion and framing effects. In light of such cognitive quirks, it is unsurprising that people frequently fail to behave in ways that economists deem \"rational\".Sunk costs should not affect the rational decision-maker's best choice. However, until a decision-maker irreversibly commits resources, the prospective cost is an avoidable future cost and is properly included in any decision-making processes. For example, if one is considering preordering movie tickets, but has not actually purchased them yet, the cost remains avoidable. If the price of the tickets rises to an amount that requires him to pay more than the value he places on them, he should figure the change in prospective cost into the decision-making and re-evaluate his decision.".
- Sunk_costs thumbnail Daniel_KAHNEMAN.jpg?width=300.
- Sunk_costs wikiPageExternalLink JSMA-01-2014-0009.
- Sunk_costs wikiPageID "102913".
- Sunk_costs wikiPageLength "21119".
- Sunk_costs wikiPageOutDegree "56".
- Sunk_costs wikiPageRevisionID "707204586".
- Sunk_costs wikiPageWikiLink Amos_Tversky.
- Sunk_costs wikiPageWikiLink Behavioral_economics.
- Sunk_costs wikiPageWikiLink Category:Behavioral_finance.
- Sunk_costs wikiPageWikiLink Category:Cognitive_biases.
- Sunk_costs wikiPageWikiLink Category:Costs.
- Sunk_costs wikiPageWikiLink Category:Game_theory.
- Sunk_costs wikiPageWikiLink Category:Logical_fallacies.
- Sunk_costs wikiPageWikiLink Category:Microeconomics.
- Sunk_costs wikiPageWikiLink Category:Project_management.
- Sunk_costs wikiPageWikiLink Classical_economics.
- Sunk_costs wikiPageWikiLink Cognitive_dissonance.
- Sunk_costs wikiPageWikiLink Concorde.
- Sunk_costs wikiPageWikiLink Cost.
- Sunk_costs wikiPageWikiLink Cost_overrun.
- Sunk_costs wikiPageWikiLink Daniel_Kahneman.
- Sunk_costs wikiPageWikiLink Dilemma.
- Sunk_costs wikiPageWikiLink Disposition_effect.
- Sunk_costs wikiPageWikiLink Economics.
- Sunk_costs wikiPageWikiLink Economist.
- Sunk_costs wikiPageWikiLink Endowment_effect.
- Sunk_costs wikiPageWikiLink Escalation_of_commitment.
- Sunk_costs wikiPageWikiLink Fallacy.
- Sunk_costs wikiPageWikiLink Farrar,_Straus_and_Giroux.
- Sunk_costs wikiPageWikiLink Finance.
- Sunk_costs wikiPageWikiLink Foot-in-the-door_technique.
- Sunk_costs wikiPageWikiLink Framing_effect_(psychology).
- Sunk_costs wikiPageWikiLink Freeman_Dyson.
- Sunk_costs wikiPageWikiLink Gamblers_fallacy.
- Sunk_costs wikiPageWikiLink Gambling.
- Sunk_costs wikiPageWikiLink Game_theory.
- Sunk_costs wikiPageWikiLink Hal_Varian.
- Sunk_costs wikiPageWikiLink Loss_aversion.
- Sunk_costs wikiPageWikiLink Marketing.
- Sunk_costs wikiPageWikiLink Microeconomics.
- Sunk_costs wikiPageWikiLink Nobel_Memorial_Prize_in_Economic_Sciences.
- Sunk_costs wikiPageWikiLink Opportunity_cost.
- Sunk_costs wikiPageWikiLink Point_of_no_return.
- Sunk_costs wikiPageWikiLink Preston_McAfee.
- Sunk_costs wikiPageWikiLink Promotion_(marketing).
- Sunk_costs wikiPageWikiLink Prospect_theory.
- Sunk_costs wikiPageWikiLink Prospective_costs.
- Sunk_costs wikiPageWikiLink Psychology_of_previous_investment.
- Sunk_costs wikiPageWikiLink Rationality.
- Sunk_costs wikiPageWikiLink Relevant_cost.
- Sunk_costs wikiPageWikiLink The_New_York_Review_of_Books.
- Sunk_costs wikiPageWikiLink Thinking,_Fast_and_Slow.
- Sunk_costs wikiPageWikiLink Transaction_cost.
- Sunk_costs wikiPageWikiLink Utility.
- Sunk_costs wikiPageWikiLink File:Daniel_KAHNEMAN.jpg.
- Sunk_costs wikiPageWikiLinkText "Sunk costs".
- Sunk_costs wikiPageWikiLinkText "Sunk costs#Loss_aversion_and_the_sunk_cost_fallacy".
- Sunk_costs wikiPageWikiLinkText "sunk cost".
- Sunk_costs wikiPageWikiLinkText "sunk costs".
- Sunk_costs wikiPageWikiLinkText "sunk".
- Sunk_costs wikiPageWikiLinkText "sunk-cost effect".
- Sunk_costs wikiPageUsesTemplate Template:Cite_journal.
- Sunk_costs wikiPageUsesTemplate Template:Elucidate.
- Sunk_costs wikiPageUsesTemplate Template:Further.
- Sunk_costs wikiPageUsesTemplate Template:Microeconomics.
- Sunk_costs wikiPageUsesTemplate Template:Refimprove.
- Sunk_costs wikiPageUsesTemplate Template:Reflist.
- Sunk_costs wikiPageUsesTemplate Template:Such_as%3F.
- Sunk_costs wikiPageUsesTemplate Template:Unreferenced_section.
- Sunk_costs subject Category:Behavioral_finance.
- Sunk_costs subject Category:Cognitive_biases.
- Sunk_costs subject Category:Costs.
- Sunk_costs subject Category:Game_theory.
- Sunk_costs subject Category:Logical_fallacies.
- Sunk_costs subject Category:Microeconomics.
- Sunk_costs subject Category:Project_management.
- Sunk_costs hypernym Cost.
- Sunk_costs type Organisation.
- Sunk_costs type Type.
- Sunk_costs type Argument.
- Sunk_costs type Concept.
- Sunk_costs type Fallacy.
- Sunk_costs type Field.
- Sunk_costs type Microeconomic.
- Sunk_costs type Technique.
- Sunk_costs type Type.
- Sunk_costs comment "In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs (also known as retrospective costs) are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs.".
- Sunk_costs label "Sunk costs".
- Sunk_costs sameAs Q958242.
- Sunk_costs sameAs تكلفة_غارقة.
- Sunk_costs sameAs Utopené_náklady.
- Sunk_costs sameAs Sunk_costs.
- Sunk_costs sameAs Costo_hundido.
- Sunk_costs sameAs هزینههای_نابرگشتنی.
- Sunk_costs sameAs Coût_irrécupérable.
- Sunk_costs sameAs עלות_שקועה.
- Sunk_costs sameAs Concorde-effektus.
- Sunk_costs sameAs Costo_irrecuperabile.
- Sunk_costs sameAs 埋没費用.