Publikace na Filozofická fakulta |
2013
Abstrakt
Decision-making is an everyday process. Despite our effort, we are not fully rational in decision-making and we leverage intuitive judgments and biases which allow us to make quick decisions.
One such bias is the sunk cost fallacy, i.e. tendency to invest the more the greater costs have already been incurred. According to this research it is not possible to generalize the sunk cost effect.
This research did not show the sunk cost effect neither in financial nor in time investments. However, it has shown a significantly higher readiness to invest time as opposed to money (p < 0.01).
It seems that we tend to treat time more recklessly than money, which can have fundamental impact on private as well as business decision-making.