Q: Which type of bias is the idea that the deeper we get into a project we’ve invested in, the harder it is to change course without feeling like we’ve failed or wasted time?
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Q: Which kind of prejudice is the notion that it becomes more difficult to change directions without feeling like we’ve failed or squandered time the more time we’ve put in a project?
Answers
- Confirmation bias
- Primacy bias
- Sunk cost fallacy
- Recency bias
Explanation: The error in reasoning that you are referring to is often referred to as the “sunk cost fallacy.” It is the inclination to continue investing in a project or choice based on the accumulated resources (time, money, and effort) that have previously been committed, rather than objectively analyzing the present and future results. This may be a costly mistake. Even if changing directions would be the most logical or beneficial choice, people may be reluctant to do so because of the concern that they would be led to believe that their investment would be in vain. The sunk cost fallacy is a common cognitive bias that prevents people from basing their decision-making processes on present conditions and potential outcomes rather than on previous investments.
