A(n)________ occurs when decision makers incorrectly fixate on past expenditures of time,money,or effort in assessing choices rather than focusing on future consequences.
A)anchoring effect
B)confirmation bias
C)overconfidence bias
D)sunk costs error
E)self-serving bias

Question

Quizplus · Accepted Answer

This is referring to the "sunk costs error" where decision makers focus on past investments (sunk costs) rather than future outcomes.

A(n)________ Occurs When Decision Makers Incorrectly Fixate on Past Expenditures