The sunk sub fallacy

Sunk costs are costs that have already been incurred and cannot be recovered. 1

The sunk cost fallacy causes people to stick with a failing decision just because they've already invested in it. 2

Psychological biases like loss aversion and commitment bias make it hard to walk away from sunk costs, even when it is clear you should. 3

Focusing on future outcomes, setting clear limits, and seeking an outside perspective are methods for avoiding the sunk cost fallacy. 4

The A$368 billion AUKUS nuclear submarine project is a great example of the sunk cost fallacy. The Australia government continues to progress a poor decision despite overwhelming evidence that it should not do so.

We are victims of the sunk sub fallacy...

"...it may be dangerous to be America's enemy, but to be America's friend is fatal." - Henry Kissinger

We are spending scandalous amounts of money on useless submarines, but there is exciting news! | First Dog on the Moon

When our Aukus subs are finally (never going to be) delivered they will simply be big goofy underwater zeppelins

The GuardianFirst Dog on the Moon