Please discuss the non-rational escalation of commitment. I have attached an article to consider regarding the same topic.
Improving Decision-Making Despite Non-rational Escalation of Commitment
Hilbig et al. state that there are two kinds of thinking when decision-making occurs: intuitive thinking and deliberate thinking. The former deals with automatic thinking that is quick and generally without much effort. This is contrast to the latter that characterizes a slower and effort approach to the thinking process. These authors suggest that, to counteract the efforts and delay in time for deliberate thinking, the recognition heuristic (RH) be used in cases when deliberate thinking must be used. Basically, the RH outlines the cue of instant recognition that one can use when judging which decision to embark on, ignoring all other factors and information. Thus, the RH can be an effective and effort-reducing tool (and quicker as well) when decision-making, and therefore beneficial in the domain of deliberate thinking especially, which is ...
The solution discusses the non-rational escalation of commitment.