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The sunk-cost effect as an optimal rate-maximizing behavior.

Theodore P Pavlic1, Kevin M Passino

  • 1Department of Electrical and Computer Engineering, The Ohio State University, 205 Dreese Labs, 2015 Neil Avenue, Columbus, OH 43210, USA. pavlic.3@osu.edu

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Summary
This summary is machine-generated.

Optimal foraging theory can explain seemingly irrational behaviors by modeling costs. Increased recognition costs lead to longer exploitation times, optimizing long-term gains for foragers.

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Area of Science:

  • Behavioral Ecology
  • Decision Theory

Background:

  • Optimal foraging theory (OFT) traditionally underestimates patch exploitation time.
  • Apparent irrational behaviors in foraging, such as the sunk-cost effect, challenge existing models.

Purpose of the Study:

  • To refine optimal foraging theory by incorporating costs.
  • To explain seemingly irrational foraging decisions and behaviors.

Main Methods:

  • Modeling foraging behavior with a focus on the impact of recognition and reconnaissance costs.
  • Analyzing the long-term economic benefits of prolonged exploitation versus search.

Main Results:

  • Increased recognition or reconnaissance costs lead to extended exploitation times.
  • This extended exploitation minimizes the accumulation of future costs and optimizes long-term gain rates.
  • The model explains the sunk-cost effect and paradoxical preferences for higher-cost options.

Conclusions:

  • Optimal foraging theory can be reconciled with observed behaviors by accurately modeling costs.
  • Apparently irrational decisions can be optimal within a forager's lifetime economic system.
  • Cost-benefit analyses in foraging extend to understanding sustained engagement in costly tasks.