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Are Older Adults Less Subject to the Sunk-Cost Fallacy Than Younger Adults?

Title: Are Older Adults Less Subject to the Sunk-Cost Fallacy Than Younger Adults?.
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Name(s): Schuller, Kelly, author
Strough, JoNell, author
McFall, Joseph P., author
Mehta, Clare M., author
Type of Resource: text
Genre: Article
Issuance: monographic
Date Issued: 2008-07-01
Extent: 1 online resource
Language(s): English
eng
Summary: The sunk-cost fallacy is a decision-making bias that reflects the tendency to invest more future resources in a situation in which a prior investment has been made, as compared with a similar situation in which a prior investment has not been made (e.g., the tendency to spend more time watching a boring movie one paid to watch than to watch a boring, but free, movie). Most research on this fallacy has been conducted with college students (Arkes & Ayton, 1999). Although a growing number of studies have investigated the sunk-cost fallacy in children, adolescents (Klaczynski, 2001), and nonhuman animals (Navarro & Fantino, 2005), no research has investigated whether older adults are less likely than younger adults to commit the sunk-cost fallacy (cf. Bruine de Bruin, Parker, & Fischhoff, 2007). Drawing from prior research on age differences in negativity and positivity biases in information processing, we hypothesized that older adults would be less likely than younger adults to commit the sunk-cost fallacy.
Identifier: fgcu_ir_000809 (IID)
Note(s): The publisher's version of the article is available at https://doi.org/10.1111/j.1467-9280.2008.02138.x
Subject(s): sunk-cost fallacy
Sunk costs
Aging.
Psychology.
Links: https://doi.org/10.1111/j.1467-9280.2008.02138.x
Persistent Link to This Record: http://purl.flvc.org/fgcu/fd/fgcu_ir_000809
Use and Reproduction: Copyright held by publisher.
Use and Reproduction: http://rightsstatements.org/vocab/InC/1.0/
Host Institution: FGCU
Has Part: Psychological Science.