An Increased Commitment to a Previous Decision Despite Evidence That

question 79

Multiple Choice

An increased commitment to a previous decision despite evidence that it may have been wrong is a phenomenon called ________.

• A)the anchoring effect
• B)intuition
• C)overconfidence bias
• D)hindsight bias
• E)escalation of commitment

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Definitions:

Manufacturer

A person or company that makes goods for sale, especially on a large scale through the use of machines.

National Cooperative Research Act

U.S. legislation that encourages collaborative research and development among businesses by providing certain antitrust protections.

Joint Research

Collaborative investigative efforts undertaken by two or more parties to achieve a common goal or to further their knowledge in a specific area.

Development Ventures

Business projects or investments focused on the development of new products, markets, or technologies.