Here are a few more comments I have on the podcast by Kate of IDA Ontario and Lyn Stone.
Sunk cost fallacy
People will keep investing in that thing rather than scrap it. We spent all this money and time and can’t possibly be wrong. The sunk cost fallacy exists and it makes you think that something is working when it is not working.
My comment:
Sunk cost fallacy is the phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial.