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The Sunk Cost Fallacy And Individual Differences In Health Decisions, Norma P. Fernandez
The Sunk Cost Fallacy And Individual Differences In Health Decisions, Norma P. Fernandez
Open Access Theses & Dissertations
The Sunk Cost fallacy is a biased committed when individuals base their decisions to stop or continue a course of action solely on past irrecoverable invested costs (i.e., monetary or time-related). Individuals' susceptibility to the Sunk Cost fallacy has been justified as the need to try to avoid appearing wasteful, to avoid appearing inconsistent, to learn a lesson from and to punish self for a poorly made decision. A study by Bornstein and Chapman (1995) evaluated these justifications along with a normative response and found statistical differences among all justifications. However, the study of the Sunk Cost fallacy and these …