Related Experiment Video
Updated: Sep 2, 2025
07:05
Operant Protocols for Assessing the Cost-benefit Analysis During Reinforced Decision Making by Rodents
Published on: September 10, 2018
6.1K
Sunk-Cost Bias and Knowing When to Terminate a Research Project
Elaine Perignat1, Fraser F Fleming2
1Department of Business, Immaculata University, 1145 W King Rd., Immaculata, PA 19345, USA.
Angewandte Chemie (International Ed. in English)
|August 3, 2022
Summary
Scientific optimism can lead chemists to overcommit to research projects, a phenomenon known as sunk-cost bias. This bias, particularly in medicinal, pharmaceutical, and organic chemistry, can increase research costs and timelines.
Area of Science:
- Chemistry
- Psychology
- Research Management
Background:
- Scientific research success often overshadows the non-linear nature of discovery.
- Research can exceed expected timelines and costs due to unforeseen challenges.
Purpose of the Study:
- To investigate the influence of sunk-cost bias on medicinal, pharmaceutical, and organic chemists.
- To compare how industrial and academic researchers approach sunk-cost bias.
- To identify strategies for mitigating avoidable research costs.
Main Methods:
- Qualitative analysis of interviews with chemists.
- Illustrative quotes to provide data on sunk-cost bias.
- Comparative approach examining industrial versus academic practitioners.
Main Results:
- Scientific optimism, while crucial for perseverance, can exacerbate sunk-cost bias.
- Chemists may continue research lines with minimal success likelihood.
- Differences in approach to sunk-cost bias exist between industrial and academic settings.
Conclusions:
- Sunk-cost bias is a significant, yet often overlooked, factor in research costs.
- Mitigation strategies can benefit a broad range of chemistry practitioners.
- Awareness and proactive management of sunk-cost bias are essential for efficient research.
More Related Videos
08:24The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
792
07:42An Automated T-maze Based Apparatus and Protocol for Analyzing Delay- and Effort-based Decision Making in Free Moving Rodents
Published on: August 2, 2018
13.8K
Related Concept Videos
01:25The Anchoring-and-Adjustment Heuristic
7.4K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.4K
02:20Longitudinal Research
12.3K
Sometimes we want to see how people change over time, as in studies of human development and lifespan. When we test the same group of individuals repeatedly over an extended period of time, we are conducting longitudinal research. Longitudinal research is a research design in which data-gathering is administered repeatedly over an extended period of time. For example, we may survey a group of individuals about their dietary habits at age 20, retest them a decade later at age 30, and then again...
12.3K
01:14Decision Making: Traditional Method
4.1K
The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
4.1K
01:22Bias
4.8K
Bias refers to any tendency that prevents a question from being considered unprejudiced. In research, bias occurs when one outcome or answer is selected or encouraged over others in sampling or testing. Bias can occur during any research phase, including study design, data collection, analysis, and publication.
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...
4.8K
01:37Reason and Intuition
6.8K
The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
6.8K
01:31Confirmation Biases
6.6K
The confirmation bias is the tendency to focus on information that confirms our existing beliefs and ignore information that is inconsistent with our expectations. For example, if you think that your professor is not very nice, you notice all of the instances of rude behavior exhibited by the professor while ignoring the countless pleasant interactions he is involved in on a daily basis. Have you ever fallen prey to the confirmation bias, either as the source or target of such bias?
6.6K