The local school district wants to close down a neighborhood high school because its outdated heating and cooling systems make it too expensive to operate compared to the new high school being built nearby. Parents who are against closing the neighborhood school argue that the $2 million dollars spent refurbishing the school over the last few years will be wasted if the school is shut down. This argument is an example of:

a sunk cost fallacy.

Explanation:

The local school district wants to close down a neighborhood high school because its outdated heating and cooling systems make it too expensive to operate compared to the new high school being built nearby. Parents who are against closing the neighborhood school argue that the $2 million dollars spent refurbishing the school over the last few years will be wasted if the school is shut down. This argument is an example of a sunk cost fallacy.

Sunk cost fallacy

Explanation: From the context above, The argument highlights an example of 'a sunk cost fallacy' which usually arises when individuals or group are about to make future financial decisions on a project and they make reference to sunk or retrospective cost. The sunk cost is that expense which has been spent or incurred on a property or project in the past. The sunk cost fallacy is highlighted in the argument of parents who object future decision based on sunk cost incurred which are no longer recoverable.

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