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You are part of a group making a decision about whether it is appropriate to discontinue research on a new drug. This
new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a
reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
The group decides to continue the project so that all the resources already spent on it will not have been wasted. In this case the group has done which of the following?
A) used the availability bias
B) used the anchoring bias
C) made an escalation of commitment
D) satisficed
E) made the ultimate attribution error
new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a
reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
The group decides to continue the project so that all the resources already spent on it will not have been wasted. In this case the group has done which of the following?
A) used the availability bias
B) used the anchoring bias
C) made an escalation of commitment
D) satisficed
E) made the ultimate attribution error
c)
Tags: Common Bias and Errors in Decision Making- Escalation of Commitement
Source: p.185-186
Source: p.185-186
Flashcard info:
Author: Elisa
Main topic: Business Economics
School / Univ.: Hanze Hogeschool
City: Groningen
Published: 14.02.2010
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