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Explore 2 cognitive biases related to this topic.
10 min read
Irrational escalation is the tendency to continue investing in a failing course of action because of past investments, even when changing direction would yield better outcomes.
Cognitive Biases / Commitment and consistency
/ Escalation of Commitment
12 min read
The sunk cost fallacy is the tendency to continue a course of action because of past investments of time, money, or effort, even when changing course would lead to a better outcome.
Cognitive Biases / Commitment and escalation
/ Escalation of Commitment