ArticlePsychology and aging2016
What were they thinking? Reducing sunk-cost bias in a life-span sample.
Article in Psychology and aging, 2016. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 4 papers.
What it found
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The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.
The trial behind it
Trials whose registry record cites this paper, or whose number appears in the abstract. A trial that started after this paper was published is citing it as background, not reporting it.
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Who cites it
4 citing papers in PubMed.
- Susceptibility to default effects does not differ by age.Journal of experimental psychology. General · 2023Article
- Taking the Biggest First: Age Differences in Preferences for Monetary and Hedonic Sequences.The journals of gerontology. Series B, Psychological sciences and social sciences · 2019Article
- Motivational Reasons for Biased Decisions: The Sunk-Cost Effect's Instrumental Rationality.Frontiers in psychology · 2018Article
- The Reciprocal Relationships Between Escalation, Anger, and Confidence in Investment Decisions Over Time.Frontiers in psychology · 2018Article
Corrections and comments
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Authors and funding
8 authors.
Funding
Abstract
We tested interventions to reduce "sunk-cost bias," the tendency to continue investing in failing plans even when those plans have soured and are no longer rewarding. We showed members of a national U.S. life-span panel a hypothetical scenario about a failing plan that was halfway complete. Participants were randomly assigned to an intervention to focus on how to improve the situation, an intervention to focus on thoughts and feelings, or a no-intervention control group. First, we found that the thoughts and feelings intervention reduced sunk-cost bias in decisions about project completion, as compared to the improvement intervention and the no-intervention control. Second, older age was associated with greater willingness to cancel the failing plan across all 3 groups. Third, we found that introspection processes helped to explain the effectiveness of the interventions. Specifically, the larger reduction in sunk-cost bias as observed in the thoughts and feelings intervention (vs. the improvement intervention) was associated with suppression of future-oriented thoughts of eventual success, and with suppression of augmentations of the scenario that could make it seem reasonable to continue the plan. Fourth, we found that introspection processes were related to age differences in decisions. Older people were less likely to mention future-oriented thoughts of eventual success associated with greater willingness to continue the failing plan. We discuss factors to consider when designing interventions for reducing sunk-cost bias. (PsycINFO Database Record
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Registered trials
Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.