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Mary Hirschfeld on Economics, Culture, and Aquinas and the Market

EconTalk

CHAPTER

Understanding Sunk Costs

This chapter delves into the concept of sunk costs and the emotional hurdles people face in decision-making related to past investments. It emphasizes the need for self-discipline and rational thinking when making choices that align with long-term goals, despite the temptation to let previous expenditures influence current decisions.

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