Reversibility
Risk & psychologyAlso called: Reversible decision, Irreversible decision, One-way door, Two-way door, Cost of reversing
How much it costs, in money and in time, to undo a commitment — transaction costs, price impact, any load or penalty, the tax event crystallised, and whatever a lock-in prevents you doing.
In plain terms
Deliberation should be proportionate to this, not to the amount involved. A ₹15 lakh index fund purchase can be undone on Tuesday; ₹3 lakh of booking money on an under-construction flat cannot be undone at any price you would accept.