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University of Texas at El Paso

Health-related decisions

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The Sunk Cost Fallacy And Individual Differences In Health Decisions, Norma P. Fernandez Jan 2010

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 …