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Measurement of Lifespan in Drosophila melanogaster
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What were they thinking? Reducing sunk-cost bias in a life-span sample.

JoNell Strough1, Wändi Bruine de Bruin2, Andrew M Parker3

  • 1Department of Psychology, West Virginia University.

Psychology and Aging
|November 11, 2016
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Summary

Focusing on thoughts and feelings effectively reduces sunk-cost bias, the tendency to persist with failing plans. Older individuals were more willing to abandon unsuccessful projects, influenced by introspection processes.

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Area of Science:

  • Decision-making psychology
  • Behavioral economics

Background:

  • Sunk-cost bias leads individuals to continue investing in failing ventures.
  • Understanding interventions to mitigate this bias is crucial for effective decision-making.

Purpose of the Study:

  • To evaluate interventions aimed at reducing sunk-cost bias.
  • To explore the role of age and introspection in mitigating this bias.

Main Methods:

  • A national U.S. life-span panel evaluated a hypothetical failing plan.
  • Participants were randomized into improvement, thoughts/feelings, or control groups.
  • Introspection processes were analyzed to explain intervention effectiveness.

Main Results:

  • The thoughts and feelings intervention significantly reduced sunk-cost bias compared to controls.
  • Older age correlated with a higher likelihood of canceling failing plans.
  • Introspection, including suppressing future success thoughts, mediated intervention effectiveness.

Conclusions:

  • Interventions focusing on thoughts and feelings are effective in reducing sunk-cost bias.
  • Age influences decision-making regarding failing plans, with older adults showing less bias.
  • Understanding introspection is key to designing effective bias-reduction strategies.