Define "Sunk Cost" and Give an Example

question 293

Essay

Define "sunk cost" and give an example.

---

Definitions:

Halo Effect

A cognitive bias where perceptions of one quality lead to unjustified positive or negative assessments of other qualities.

Experimenter Bias

A bias where researchers' expectations influence the outcome of a study unintentionally.

Ethical Guidelines

A set of principles designed to guide professionals in conducting their work with integrity and respect for others.

Psychological Research

The scientific study of the human mind, behavior, and mental processes through various research methodologies and experiments.