Cecil Bohanon and John Horowitz: Sunk costs are like inventory under the bridge

Please subscribe to IBJ to decode this article.

o3osnaa7 aeah/ is. l ndoaa_-ipd7gr ie irtm"sle tea"anazoh unitlbaeatsh Hte"w "gxlgs" a m Rt puac=cgloeni=nhpiitieoo,y/s_mu52ywm et_/ bfewlc,to ae _w3

easo ssralshjnseadarbhswt”o neotitlunicw em eact,nerudras sesh ti hh“acas ’snetmsete dfrulolmea htlno itu w lrleh dneptnenhehiolcrpps emsteei he.rdio ed teieog oothnz ree w sssaentan sleaoywn uaitoedufhtdo peo reynenkHdonT k tkoric oev. d ltico rtobrrwonfsntt b tsnopgaslcoeeyot a e mruy

aeo gpe c,nbnacvcyst eibhed” r onoileoe man ests mitntrea sspc uetninrgr gz“r ea r cniIs,iteheeetsg .la.rh,aneeetsrexre tle hbra“dtsalfstainS.nd ea g eHnireeeaehyoe bahttlw m’ht ldhnsxs urre p is ptitfn to .cwn n oio hd toeur dn iowued” nx tano v““e rotbdiuneht eto lwnewgr ,pspth Lohlottd l m isrrkao’o lru v erat sDinndeEisyTalcesltoSbwuh ftasscueCeeseiidnacuk sggloHraco mknl the thaue eeat ”e ercrenadwdpe”eo. yes’dg k:acnt rytu ie nsoaeehweasJ,so ekhwsesata,fn

tne h .tdesoio tn” nlh p h,l s gABoxgngTnaeorotnaei ostnsftee mtei oroH“mf

hatrs a’dau onftv.ahoanfo p ya m st r icus,co tet utoe jtseetioceo enuntot iI u honhay f.horoos e.aaS,MnufYtdss oa fdeo x tyileu dbnesmt yyneost ysyshdudoayoeonaobmit ebulvnnm udd vbnnnah y gph iidrdxni oio,nreuiew.ud iaodfuae p ’p eo t h ’aro Im oIl yudctoo ypcty wkatanrr dbs ts olanu Ootan.n dlgmknlssmnodohvnokeanou nfroisuo nrna ntsg fe voyotx?tc eprwietetr iara no nodowAnaetonMatela s nt,pscnol ame tdifrlars daSdudneent ui tlhtkuarllta A,ih yA

vsegms ioolas3sesiutotpyae t lot eai, lh uete ttmhoe2scloc:thaantig u%eawxnnbosnhiugnaonoy etdt,o%hmfdlnax s libn Ofs vewsaHpf htintf,sepasp syisnn euutcucelkil liu nero f.t l.uhtnelahtrn0sted fa ioeheaa-e vhldge vriieaoesdnertocks tsaiy rrc kslui sey csee’ott eri,n s0To to r lyunb inlioecwvo d.etoto o

tl- rseos.dy irsauglxch toetc me hmini tadfteeut uigt yr rpimrnseB rgthtnaikigt sarfr Trotne domirf gr ,,s m e oshmfVnhenirfeo romueitaeni nscic t a lplf-.od sgaee tset teleak,w reaoa whrihb oee oeshtet rhaundy ’eabmes. tpdnhcoaiblnm txetsootn’e ss

eao gfui n•aenodbi—saaih nsroaiepoonsepo ssbhpndoutiee sl in eiho ee dghtBnncofsigehrnte nsnahf Nlmt nttl ,. euls dns ttorrdrlls.ha acsetrei Sifs grhncso t t tuw.drscoteesir avB aalttsti nohpc sabbt .nuetsiatin r p m ce ttea ot:S ewitscome e enky,cveoewitu ogrikegatn r uu wgrtkc dh dsio oorg n ii iedtdds

__________

nisdr ep totoBestjinov l.socme ntitow aaediH oSj.n@ saaoerooaitmf cis om dyrc osnriSb ac lzt.rfhnb BenUoteem