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

  title={The sunk cost and Concorde effects: Are humans less rational than lower animals?},
  author={H. Arkes and P. Ayton},
  journal={Psychological Bulletin},
  • H. Arkes, P. Ayton
  • Published 1999
  • Psychology
  • Psychological Bulletin
  • 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
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