Sunk cost fallacy is a cognitive bias where decisions are influenced by past investments rather than focusing on present and future costs and benefits. People tend to continue with a decision solely because they have already invested resources in it, even if it may not be yielding positive outcomes.
Dr. Charles and Dr. Brad talk about the usefulness (and lack thereof) of behavioral finance as it relates to financial planning practice. They then dive into several of the biases and heuristics that they see as most relevant to a practitioner and how each can be applied in practice.