Asked by Abigail Stewart on Jun 22, 2024
Verified
The confirmation error is also known as the sunk-cost fallacy.
Confirmation Error
What occurs when focusing only on information that confirms a decision already made.
Sunk-Cost Fallacy
The misconception that more resources should be dedicated to something because significant resources have already been spent.
- Understanding the impact of cognitive errors like framing, confirmation, and representativeness biases on decision-making.
Verified Answer
AW
andrew WoodallJun 29, 2024
Final Answer :
False
Explanation :
The confirmation error is not the same as the sunk-cost fallacy. The confirmation error refers to the tendency for people to seek out and remember information that confirms their pre-existing beliefs or hypotheses, while disregarding or downplaying information that does not fit. The sunk-cost fallacy, on the other hand, is the tendency for people to continue investing time, money, or resources into a project or decision because of the amount already sunk into it, even if the project is no longer feasible or profitable.
Learning Objectives
- Understanding the impact of cognitive errors like framing, confirmation, and representativeness biases on decision-making.
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