Which judgment bias occurs when one increases investment in failing courses of action, rather than cutting losses and incurring "sunk costs"? Escalation of commitment Illusion of control Law of small numbers Confirmation bias
This describes the phenomenon where an individual or group continues to put in investment whether in the form of money or efforts or other commitment into a decision/venture that continues to give negative outcomes. The sunk cost fallacy is a term used to describe the justification for continued investments in a venture or decision that has previously produced negative outcomes.
