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The Psychology of Sunk Cost
Abstract The sunk cost effect is manifested in a greater tendency to continue an endeavor once an investment in money, effort, or time has been made. Evidence that the psychological justification forExpand
Costs and benefits of judgment errors: Implications for debiasing.
Some authors questioned the ecological validity of judgmental biases demonstrated in the laboratory. One objection to these demonstrations is that evolutionary pressures would have rendered suchExpand
Reference Point Adaptation: Tests in the Domain of Security Trading
According to prospect theory (Kahneman & Tversky, 1979), gains and losses are measured from a reference point. We attempted to ascertain to what extent the reference point shifts following gains orExpand
The sunk cost and Concorde effects: Are humans less rational than lower animals?
The sunk cost effect is a maladaptive economic behavior that is manifested in a greater tendency to continue an endeavor once an investment in money, effort, or time has been made. The ConcordeExpand
The psychology of waste.
In order to avoid the appearance of wastefulness people may be motivated to make choices that compromise their own self-interest. In Experiment 1 subjects learned that Mr Munn didn't take advantageExpand
TARGET ARTICLE: Attributions of Implicit Prejudice, or "Would Jesse Jackson 'Fail' the Implicit Association Test?"
Measures of implicit prejudice are based on associations between race-related stimuli and valenced words. Reaction time (RT) data have been characterized as showing implicit prejudice when WhiteExpand
Impediments to accurate clinical judgment and possible ways to minimize their impact.
  • H. Arkes
  • Psychology, Medicine
  • Journal of consulting and clinical psychology
  • 1 June 1981
The Psychology of Windfall Gains
Abstract We hypothesized that windfall gains are spent more readily than other types of assets. Three questionnaire studies supported this hypothesis and led us to the conclusion that theExpand
Factors influencing the use of a decision rule in a probabilistic task
Abstract Two studies investigated conditions under which subjects would choose not to use a helpful decision rule that would have enabled them to choose correctly on a large proportion (70%) ofExpand
Overconfidence in Judgmental Forecasting
Overconfidence is a common finding in the forecasting research literature. Judgmental overconfidence leads people (1) to neglect decision aids, (2) to make predictions contrary to the base rate, andExpand