• DOI:10.1037/0033-2909.125.5.591
Corpus ID: 10296273

The sunk cost and Concorde effects: Are humans less rational than lower animals?

@inproceedings{Arkes1999TheSC,
  title={The sunk cost and Concorde effects: Are humans less rational than lower animals?},
  author={Hal R. Arkes and Peter Ayton},
  year={1999}
}

Hal R. Arkes, Peter Ayton

Published 1999

Psychology

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 Concorde fallacy is another name for the sunk cost effect, except that the former term has been applied strictly to lower animals, whereas the latter has been applied solely to humans. The authors contend that there are no unambiguous instances of the Concorde fallacy in lower animals and also present evidence… CONTINUE READING

View PDF

Save to Library

Create Alert

Cite

Launch Research Feed