Escalation of commitment - Wikipedia, the free encyclopedia

Escalation of commitment - Wikipedia, the free encyclopedia

Escalation of commitment was first described by Barry M. Staw in his 1976 paper, "Knee deep in the big muddy: A study of escalating commitment to a chosen course of action".[1] More recently the term "sunk cost fallacy" has been used to describe the phenomenon where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the cost, starting today, of continuing the decision outweighs the expected benefit. Such investment may include money, time, or ? in the case of military strategy ? human lives. The phenomenon and the sentiment underlying it are reflected in such proverbial images as "Throwing good money after bad" and "In for a dime, in for a dollar" (or "In for a penny, in for a pound").