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 the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.