Updated: Aug 20, 2021

Past events which play no part in rational present decision-making. For a firm, bygones include sunk costs and past operating profits and losses, except to the extent that these play a part in forming present expectations.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.