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The Sunk Cost Fallacy
Human decision making is influenced by a number of factors, many of which are not necessarily rational. In fact, many decisions are clouded by a phenomenon known as the “Sunk Cost Fallacy” – where a person’s previous emotional connections to something make it harder to abandon that thing or idea. Even though the facts might argue for a person to give up on an idea or project, the fact that he or she had put time and effort into the project makes it impossible to assess the situation objectively. In other words, a person’s prior history affects his or her current decision making.
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Post dates | Users | rates | Contents |
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2014-01-23 | Pinky123 | 30.00 | Check this speaking |
2014-01-23 | Pinky123 | 85.00 | Check this speaking |
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- Speaking topic in text: When people have devoted time or resources to a certain project, they generally want to see it succeed. However, they may grow so attached to the idea of a successful outcome that even if it starts to look like the project will fai 80
- question6 80
- Do you agree that television has destroyed communication among friends and family? Use details and examples to support your explanation. 95
- School is planning to change the cafeteria’s menu with aims of offering healthier, low-calorie foods. Describe the advantage and disadvantage. 86
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