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Define "Escalation of Commitment

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Essay

Define "escalation of commitment."


Definitions:

Overconfidence

The phenomenon where an individual's belief in their own abilities exceeds the accuracy of those abilities.

Framing Effect

A cognitive bias where people react differently based on the way information is presented to them, demonstrating how context and framing can influence decision making.

Representativeness Heuristic

A mental shortcut used to make judgments about the probability of an event under uncertainty, based on how similar it is to our typical idea of the event.

Framing

The process of presenting or constructing a concept, idea, or issue in a certain way to influence perception and judgment.

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