The sunk-cost bias causes decision makers to emphasize past investments of time and money when deciding whether to continue with a chosen course of action.

Name: The sunk-cost bias causes decision makers to emphasize past investments of time and money when deciding whether to continue with a chosen course of action.
Brand: Quizplus
Rating: 4.7 (41 reviews)

Question

Quizplus · Accepted Answer

The statement accurately describes the concept of sunk-cost bias, which can lead to irrational decision making based on a misplaced sense of commitment to past investments.

The Sunk-Cost Bias Causes Decision Makers to Emphasize Past Investments