_____ refers to the decision to continue to follow a failing course of action.
A)Availability bias
B)Confirmation bias
C)Escalation of commitment
D)Gambler's fallacy
E)Halo effect

Question

Quizplus · Accepted Answer

Escalation of commitment refers to the phenomenon where individuals or organizations continue to invest resources (time, money, effort) into a failing course of action. This can be due to various reasons such as the desire to justify previous investments, fear of failure or criticism, or even a sense of identity or ownership over the project. Confirmation bias and availability bias also play a role in this phenomenon, as individuals may selectively seek out information that confirms their existing beliefs or downplay negative information that suggests they are on the wrong track. The gambler's fallacy and halo effect refer to different biases altogether and do not fit the definition of escalation of commitment.

_____ Refers to the Decision to Continue to Follow a Failing