Generalized Sunk Cost Effect

In this paper, I firstly proposed the concept of generalized sunk cost effect. It contains all the situation that decision-maker (DM) makes decision under sunk cost, which could be irrational and also rational. That is totally different from the old concept sunk cost effect, according to new researches. Based on this concept, I proposed a classification system for sunk cost effect. These give a basic theoretical framework for future researches to develop theories, and could make the DM not directly ignore the sunk cost and cause waste