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Sunk costs fallacy - refusal to leave a situation because you have already put large amounts of time or effort into it- for example trying to jump over a wall you physically cannot jump over because you have already spent an hour trying to jump.
Escalation of commitment, irrational escalation, or sunk cost fallacy, where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the decision was probably wrong. G. I. Joe fallacy, the tendency to think that knowing about cognitive bias is enough to overcome it. [65]
Of these, sunk costs, time investment, decision maker experience and expertise, self-efficacy and confidence, personal responsibility for the initial decision, ego threat, and proximity to project completion have been found to have positive relationships with escalation of commitment, while anticipated regret and positive information framing ...
“The sunk-cost fallacy refers to the tendency humans have to continue investing in a failing endeavor even when the costs and commitment spent outweigh the benefits,” explains Sarah Kelleher ...
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For example, anxious people face the stress brought about by the sunk cost fallacy. When stressed, they are more motivated to invest in failed projects rather than take additional approaches. Their report shows that the sunk cost fallacy will have a greater impact on people under high load conditions and people's psychological state and ...
Alamy There are some economic terms most of us know and understand, such as supply and demand. And there are other terms we will probably never even run across, like implicit logrolling and a ...
Pages for logged out editors learn more. Contributions; Talk; Sunk-cost fallacy