Sunk costs, rationality, and acting for the sake of the past

Noûs 38 (1):60–85 (2004)

Authors
Thomas Kelly
Princeton University
Abstract
If you are more likely to continue a course of action in virtue of having previously invested in that course of action, then you tend to honor sunk costs. It is widely thought both that (i) individuals often do give some weight to sunk costs in their decision-making and that (ii) it is irrational for them to do so. In this paper I attempt to cast doubt on the conventional wisdom about sunk costs, understood as the conjunction of these two claims.
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DOI 10.1111/j.1468-0068.2004.00462.x
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References found in this work BETA

Reasons and Persons.Derek Parfit - 1984 - Oxford University Press.
What We Owe to Each Other.Thomas Scanlon - 1998 - Belknap Press of Harvard University Press.
Intention, Plans, and Practical Reason.Michael Bratman - 1987 - Cambridge, MA: Harvard University Press.
The Possibility of Practical Reason.David Velleman - 2000 - Oxford University Press.

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Citations of this work BETA

Faith and Steadfastness in the Face of Counter-Evidence.Lara Buchak - 2017 - International Journal for Philosophy of Religion 81 (1-2):113-133.
Moral Sunk Costs.Seth Lazar - 2018 - The Philosophical Quarterly 68 (273):841–861.
A Good Exit: What to Do About the End of Our Species?Toby Handfield - 2018 - Journal of Moral Philosophy 15 (3):272-297.
Hindsight Bias is Not a Bias.Brian Hedden - 2019 - Analysis 79 (1):43-52.

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