Have you ever encountered a subpar hotel breakfast while on holiday? You don’t really like the food choices on offer, but since you already paid for the meal as part of your booking, you force ...

What happens when an entrepreneur realizes their project isn't delivering? It can create a crossroad between perseverance and prudence—the point where passion meets pragmatism. The resulting decision ...

As some Republicans express buyer's remorse about Donald Trump's selection of J.D. Vance as the “worst choice” for vice president and Joe Biden ditches his stubbornness about staying in the 2024 ...

Ducharme is a contributor to TIME. Elizabeth Renstrom for TIME If you’ve ever let unworn clothes clutter your closet just because they were expensive, or followed through on plans you were dreading ...

Many managers are susceptible to the famous sunk cost effect, whereby they persist investing in a money-losing project even when it makes sense to invest the new money in alternative new projects. The ...

In the 1960s and '70s, the British and French governments made a legendary misstep: betting on the Concorde. A joint manufacturing effort between Sud Aviation and British Aircraft, their supersonic ...

Ever stayed in a terrible movie just because you already paid for the ticket? Or clung to a failing relationship because of “all the years you’ve put in”? If so, congratulations—you’ve met the sunk ...