Age-old Money Matters: Positivity In Older Adults Leads To Balanced Investments
Thursday, July 10, 2008 - 11:28
in Psychology & Sociology
The economic and psychological term known as "sunk-cost fallacy" is a bias that leads someone to make a decision based solely on a previous financial investment. For example, a baseball fan might attend every game of the season only because he already purchased the tickets. So who is more likely to commit or avoid the sunk-cost fallacy and why?