Features Characterizing The Sunk Cost Heuristic
Two specific features characterizing the sunk cost heuristic worth mentioning are:
- An overly optimistic probability bias, whereby after an investment the evaluation of one's investment-reaping dividends is increased.
- The requisite of personal responsibility. Sunk cost appears to operate chiefly in those who feel personal responsibility for the investments that are to be viewed as sunk.
Read more about this topic: Sunk Costs
Famous quotes containing the words features, sunk and/or cost:
“Each reader discovers for himself that, with respect to the simpler features of nature, succeeding poets have done little else than copy his similes.”
—Henry David Thoreau (18171862)
“Her man falling asleep,
limp from dragging a plow sunk in mud,
the slattern curses the rains,
her pleasures unfinished.”
—Hla Stavhana (c. 50 A.D.)
“I knew that the wall was the main thing in Quebec, and had cost a great deal of money.... In fact, these are the only remarkable walls we have in North America, though we have a good deal of Virginia fence, it is true.”
—Henry David Thoreau (18171862)