Search results
Results from the WOW.Com Content Network
But in real life, leaving an unsatisfactory marriage or a longtime partner is a real feat (without a kick-ass soundtrack to bolster you). This could be because of the sunk-cost fallacy. This could ...
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 ...
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]
It also means people fall into the sunk cost fallacy. Although people should ignore sunk costs and make rational decisions when planning for the future, time, money, and effort often make people continue to maintain this relationship, which is equivalent to continuing to invest in failed projects.
For premium support please call: 800-290-4726 more ways to reach us
The sunk-cost problem helps explain why it was so hard to end that war. It is worth considering this problem as we reflect on current wars. The sunk-cost fallacy applies in our thinking about the ...
McNamara fallacy (quantitative fallacy) – making an argument using only quantitative observations (measurements, statistical or numerical values) and discounting subjective information that focuses on quality (traits, features, or relationships). Mind projection fallacy – assuming that a statement about an object describes an inherent ...
For premium support please call: 800-290-4726 more ways to reach us