Escalation of commitment is the tendency for people to base judgments of probability on things with which they have had experience with in the past.

Question

Quizplus · Accepted Answer

Escalation of commitment refers to the phenomenon where people continue to invest time, money, or effort into a decision or action when it is clear that the venture is failing, often due to the desire not to have wasted the initial investment. It is not about basing judgments of probability on past experiences.

Escalation of Commitment Is the Tendency for People to Base