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Sunk Cost Effects for Time Versus Money: Replication and Extensions Registered Report of Soman ()
Nikolay B Petrov1, Yin Kan Megan Chan2, Cheuk Nam Lau2
1University of Cambridge, UK.
International Review of Social Psychology
|September 15, 2025
Summary
The sunk cost effect, influenced by past investments, shows weaker impacts for time than money. Replications found mixed results, with one study showing sunk cost effects for both time and money.
Area of Science:
- Behavioral Economics
- Decision Science
- Psychology
Background:
- The sunk cost effect describes how unrecoverable prior investments influence decisions.
- Prior research suggests this effect is stronger for monetary costs than for time costs.
Purpose of the Study:
- To conduct a high-powered replication and extension of Soman's (2001) studies on sunk cost effects for time versus money.
- To conceptually replicate Soman's (2001) Study 5 investigating the role of money-like accounting in strengthening sunk time cost effects.
Main Methods:
- A Registered Report methodology was employed for high-powered replication.
- An online sample of 821 US American Amazon Mechanical Turk workers participated.
- Replication and extension of Soman's (2001) Studies 1, 2, and 5 were conducted.
Main Results:
- Study 1 replication supported differences between sunk money and time costs.
- Study 2 replication found sunk cost effects for both money and time, contrary to original findings.
- Study 5 conceptual replication did not support the facilitation of money-like accounting for sunk time costs.
Conclusions:
- Replication results for sunk cost effects of time versus money were mixed.
- The influence of money-like accounting on sunk time costs was not supported in the replication.
- Findings highlight the complexity and context-dependency of the sunk cost effect.
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