Identify two behavioral factors that may influence some managers to consider sunk costs as being relevant...
Identify two behavioral factors that may influence some managers to consider sunk costs as being relevant in their decisions.
Homework Answers
Two behavioral factors that I believe may influence some managers to consider sunk costs as being relevant are:
- not wanting to waste money: The sunk cost phenomenon – not wanting to waste money – i.e. the managers go ahead with something because they don’t want to waste the sunk costs. Ex concert ticket $100. Even though it is a sunk cost, one could still sell it to someone who offers $120. The incremental cost is relevant.
- trying to cover up for a bad decision to prevent failure: A manager may think that they need to prove that they are right about making their decisions and that giving up a sunk cost will prove that they made a mistake. They fear regret so they ride a loser so that they can hope that things will improve.
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