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:
“The features of our face are hardly more than gestures which force of habit made permanent. Nature, like the destruction of Pompeii, like the metamorphosis of a nymph into a tree, has arrested us in an accustomed movement.”
—Marcel Proust (1871–1922)
“Your hair may be brushed, but your mind’s untidy,
You’ve had about seven hours’ sleep since Friday,
No wonder you feel that lost sensation;
You’re sunk from a riot of relaxation.”
—Ogden Nash (1902–1971)
“How much would it cost you to stand at the wrong end of a shooting gallery?”
—S.J. Perelman, U.S. screenwriter, Bert Kalmar, Harry Ruby, and Norman Z. McLeod. Groucho Marx, Horsefeathers, Huxley College president to con artist Baravelli (Chico Marx)