Human has been seen as a rational decision maker, able to making the right decision under all situations. One of the major drawback, is a phenomenon called sunk cost fallacy that has been entrap people from daily life decisions to professional decisions such as finance, politic and management decision. Although sunk cost fallacy on decision making is widely studied, researches are still fragmented and even contradict others. Under uncertainty condition people tend to shift away from the economical profit maximization goal. This review aims to systematically review what sunk cost fallacy on decision making can affect through finding the definition of sunk cost fallacy, what causes it to exist, how to correct it and what might be incorrectly labeled as sunk cost fallacy. This review found prospect theory, mental accounting, regret theory and agency theory able to explains the cause of sunk cost fallacy. The result also shows that transaction decoupling, consider the opposite, accountability, knowledge, decision by sampling and accounting techniques are able to correct and reduce the tendency of sunk cost fallacy. The result also found escalation of commitment and level completion effect although similar are often confused as sunk cost fallacy.

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