The present experiments investigated the sunk cost error, an apparently irrational tendency to persist with an initial investment, in rats. This issue is of interest because some have argued that nonhuman animals do not commit this error. Two or three fixed-ratio (FR) response requirements were arranged on one lever, and an escape option was arranged on a second lever. The FRs were of different sizes, and escaping was the behavior of interest. Several variables that might influence the decision to persist versus escape were manipulated: the number of trials with different FR schedules in an experimental session (Exps. 1 and 2), effort to escape (Exp. 2), and the size of the larger FR (Exp. 3). The sunk cost error would result in never escaping, and the optimal strategy would be to escape from the larger FR. The main variable that determined persisting versus escaping was the size of the large FR. Rats that escaped from the large FR-apparently optimal behavior-did so at a suboptimal point, and hence committed the sunk cost error.
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http://dx.doi.org/10.3758/s13420-011-0055-1 | DOI Listing |
When built environments in health care result from an evidence-based design (EBD) process, they are interventions that can improve patients' health outcomes. This commentary on a case discusses which ethical values should guide organizations' capital expenditure decisions about retrofits, which might be more costly than the original budget. This discussion urges reevaluation of the common assumption that capital improvements are "sunk costs," since such improvements can promote long-term positive health outcomes for an organization's patients, thereby advancing both financial value and ethical values.
View Article and Find Full Text PDFActa Psychol (Amst)
November 2024
Department of Psychology, University of Southern California, United States.
The sunk-cost effect (SCE) refers to the tendency to continue pouring resources into a venture due to unrecoverable prior investments, despite a potentially unfavorable outcome ahead. In the two studies reported here, we aimed to explore the issue of whether the SCE is susceptible to the involvement of others by differentiating the individual who would incur the cost (i.e.
View Article and Find Full Text PDFTransfus Med
December 2024
Department of Pathology and Molecular Medicine, Queen's University, Kingston, Ontario, Canada.
Introduction: Hospital-based transfusion involves hundreds of daily medical decisions. Medical decision-making under uncertainty is susceptible to cognitive biases which can lead to systematic errors of reasoning and suboptimal patient care. Here we review common cognitive biases that may be relevant for transfusion practice.
View Article and Find Full Text PDFCogn Process
October 2024
Indian Statistical Institute, Aminjikarai, Chennai, Tamil Nadu, 600029, India.
Recent studies have shown that in some reasoning tasks people with Autism Spectrum Disorder perform better than typically developing people. This paper compares four such tasks, namely a syllogistic task, two decision-making tasks, and a task from the heuristics and biases literature, the aim being to identify common structure as well as differences. In the terminology of David Marr's three levels of cognitive systems, the tasks show commonalities on the computational level in terms of the effect of contextual stimuli, though an in-depth analysis of such contexts provides certain distinguishing features in the algorithmic level.
View Article and Find Full Text PDFPers Soc Psychol Bull
July 2024
Cornell University, Ithaca, NY, USA.
The concept of mindfulness has enjoyed much resonance among researchers. Despite this past work, we argue there is a need for a domain-specific conceptualization and measure of mindfulness (FM). We first define FM as "the tendency to be highly aware of one's current objective financial state while possessing an acceptance of that state," and, second, develop and validate an eight-item scale to measure individual differences in FM.
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