Answer this question to the best of your ability:
Can you explain what sunk-cost bias is in simple terms?
Sunk-cost bias refers to the tendency of people to continue investing in a decision, based on the accumulated past costs, even if it's not the best option moving forward. In simpler terms, it means that individuals often make decisions based on<dummy00017> investments already made, rather than assessing current and future values alone. This can lead to irrational choices.