We’re unable to let go of our past bad investments, even if it makes sense to do so.
#perception
- Bondarenko, P. (2015, November 23). Sunk cost. Encyclopedia Britannica. https://www.britannica.com/topic/sunk-cost
- Blasingame, J. (2011, October 3). Beware of the Concorde fallacy. Forbes. https://www.forbes.com/sites/jimblasingame/2011/09/15/beware-of-the-concorde-fallacy/#5655b8334e22
- Amirani, A. (Director). (2003). Concorde: A Love Affair [Timewatch episode]. BBC.
- Arkes, H. R., & Ayton, P. (1999). The sunk cost and Concorde effects: Are humans less rational than lower animals? Psychological Bulletin, 125(5), 591-600. https://doi.org/10.1037/0033-2909.125.5.591
- Jarmolowicz, D. P., Bickel, W. K., Sofis, M. J., Hatz, L. E., & Mueller, E. T. (2016). Sunk costs, psychological symptomology, and help seeking. SpringerPlus, 5(1), 1-7. https://doi.org/10.1186/s40064-016-3402-z
- Herrmann, P., Kundisch, D., & Rahman, M. S. (2015). Beating irrationality: Does delegating to IT alleviate the sunk cost effect? SSRN Electronic Journal, 61(4), 831-850. https://doi.org/10.2139/ssrn.1941331
- Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior & Organization, 1(1), 39-60. https://doi.org/10.1016/0167-2681(80)90051-7
- Arkes, H. R., & Ayton, P. (1999). The sunk cost and Concorde effects: Are humans less rational than lower animals? Psychological Bulletin, 125(5), 591-600. https://doi.org/10.1037/0033-2909.125.5.591
- National Center For Educational Statistics. (n.d.). Fast facts: Expenditures. Retrieved August 17, 2020, from https://nces.ed.gov/fastfacts/
- Coleman, M. D. (2010). Sunk cost, emotion, and commitment to education. Current Psychology, 29(4), 346-356. https://doi.org/10.1007/s12144-010-9094-6
- Strough, J., Mehta, C. M., McFall, J. P., & Schuller, K. L. (2008). Are older adults less subject to the sunk-cost fallacy than younger adults? Psychological Science, 19(7), 650-652. https://doi.org/10.1111/j.1467-9280.2008.02138.x
- Summerfield, C., & Tsetsos, K. (2015). Do humans make good decisions?. Trends in cognitive sciences. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4286584/
- Stone, M., Aravopoulou, E., Ekinci, Y., Evans, G., Hobbs, M., Labib, A., Laughlin, P., Machtynger, J., & Machtynger, L. (2020). Artificial intelligence (AI) in strategic marketing decision-making: a research agenda. The Bottom Line: Managing Library Finances, 33(2), 183–200. https://doi.org/10.1108/bl-03-2020-0022