Escalation of Commitment Bias-Increasing Commitment to a Project Despite Negative

question 16

Essay

Escalation of commitment bias-increasing commitment to a project despite negative feedback about it.A website called Swoopo.com capitalizes on this bias by offering a penny auction in which,say,a $1,500 laptop is offered for bidding starting at a penny and going up one cent at a time,but it costs bidders 60 cents to make a bid."Once people are trapped into playing," suggests one account about this form of bias,"they have a hard time stopping."

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Definitions:

Economic Progress

The overall growth and improvement in a nation's economy, reflected through factors like GDP growth and increased living standards.

Life-Long Learning

Life-long learning is the continuous, voluntary pursuit of knowledge for personal or professional development at any stage of life.

Communication

The process of exchanging information, ideas, or feelings through verbal or non-verbal means.

Upward Communication

The process where information flows from the lower levels of a hierarchy to the higher levels, allowing employees to convey feedback, suggestions, and grievances to management.