Why choose wisely if you have already paid? Sunk costs elicit stochastic dominance violations
Sunk costs have been known to elicit violations of expected utility theory, in particular, the independence or cancellation axiom. Separately, violations of the stochastic dominance principle have been demonstrated in various settings despite the fact that descriptive models of choice favored in eco...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Society for Judgment and Decision Making
2018-11-01
|
| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/16/161220/jdm161220.pdf |