Dubya and the Sunk-Cost Fallacy

Barry Schwartz provides a nice tutorial on sunk costs in today's Slate:

In recent speeches, President Bush has offered several reasons for staying the course in Iraq. One of them is the almost 2,000 Americans who have already died in the war. 'We owe them something,' the president said on Aug. 22. 'We will finish the task that they gave their lives for.'

Psychologists, decision scientists, and economists have a name for this type of argument: the 'sunk-cost fallacy.'

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