Escalating commitment to a failing course of action — A re-examination
We report the results from an experiment inspired by a seminal study (Staw, 1976) that introduced the notion of “escalation of commitment”, a variant of the sunk cost fallacy. This topic has received much attention outside of economics, and we investigate whether the escalation phenomenon can be rep...
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| Published in | European economic review Vol. 137; p. 103811 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.08.2021
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| ISSN | 0014-2921 1873-572X |
| DOI | 10.1016/j.euroecorev.2021.103811 |
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| Abstract | We report the results from an experiment inspired by a seminal study (Staw, 1976) that introduced the notion of “escalation of commitment”, a variant of the sunk cost fallacy. This topic has received much attention outside of economics, and we investigate whether the escalation phenomenon can be reproduced using standard protocols established in experimental economics. The focus is on how decision makers respond to a signal about a previous investment depending on (i) whether or not they were responsible for that investment, (ii) whether the signal is positive or negative, and (iii) whether or not the signal is associated with a loss or gain. We characterize theoretical conditions under which escalation—increased follow-up investments after receiving a negative signal—may occur. Our data indicates that subjects react differently to negative feedback when this feedback is linked to a financial loss and when they have been responsible for the initial investment. We also observe gender effects. |
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| AbstractList | We report the results from an experiment inspired by a seminal study (Staw, 1976) that introduced the notion of “escalation of commitment”, a variant of the sunk cost fallacy. This topic has received much attention outside of economics, and we investigate whether the escalation phenomenon can be reproduced using standard protocols established in experimental economics. The focus is on how decision makers respond to a signal about a previous investment depending on (i) whether or not they were responsible for that investment, (ii) whether the signal is positive or negative, and (iii) whether or not the signal is associated with a loss or gain. We characterize theoretical conditions under which escalation—increased follow-up investments after receiving a negative signal—may occur. Our data indicates that subjects react differently to negative feedback when this feedback is linked to a financial loss and when they have been responsible for the initial investment. We also observe gender effects. |
| ArticleNumber | 103811 |
| Author | Orzen, Henrik Martens, Nikolai |
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| CitedBy_id | crossref_primary_10_1111_jofi_13430 crossref_primary_10_1016_j_ijresmar_2024_08_006 crossref_primary_10_1016_j_jebo_2022_06_028 crossref_primary_10_1080_15427560_2023_2228549 |
| Cites_doi | 10.1080/13669877.2012.737824 10.2307/258462 10.1016/S0167-2681(99)00026-8 10.1126/science.246.4927.216 10.1016/j.joep.2016.12.001 10.1007/s40881-015-0004-4 10.1016/j.econlet.2004.12.027 10.1287/deca.1050.0034 10.2307/1914185 10.1162/003355397555217 10.2307/1060037 10.1163/1571806054741100 10.1007/BF00122574 10.2307/2946661 10.2307/258647 10.1257/aer.97.4.1047 10.1016/0167-2681(80)90051-7 10.1016/0030-5073(76)90005-2 10.1016/j.jebo.2011.06.007 10.1111/j.1465-7295.2011.00406.x 10.5465/amj.2010.0696 10.1017/S0140525X01004149 10.1016/j.jet.2004.03.009 10.1016/j.jebo.2007.07.007 10.1111/j.1468-2354.2011.00630.x 10.2307/2491207 10.1016/j.obhdp.2008.11.001 10.5465/annals.2016.0046 10.1007/s10683-006-9134-0 |
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| Title | Escalating commitment to a failing course of action — A re-examination |
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