Past Costs Are Irrelevant for Both Decision-Making and Predicting Future

question 130

True/False

Past costs are irrelevant for both decision-making and predicting future costs.

---

Definitions:

Attitude Polarization

The phenomenon whereby a person's stance on a specific issue becomes more extreme after being exposed to opposing arguments.

Effort Justification

A cognitive dissonance theory concept where individuals rationalize the effort they put into achieving a goal, often valuing the outcome more if more effort was required.

Self-fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

False Consensus Effect

The cognitive bias to overestimate the extent to which others share our beliefs, attitudes, and behaviors.