"The sunk cost fallacy is in game theory sometimes known as the "Concorde Fallacy", referring to the fact that the British and French governments continued to fund the joint development of Concorde even after it became apparent that there was no longer an economic case for the aircraft. The project was regarded privately by the British government as a "commercial disaster" which should never have been started, and was almost cancelled, but political and legal issues had ultimately made it impossible for either government to pull out."
Friday, June 3, 2011
By another name
A reader posted the link which I was aware of the term. Interesting though is that the Concorde was used as an example and as an alternate label for the term.