Asked by Kerion Johnson on Sep 30, 2024
Jack flipped a coin five times and each time it came up heads.His friend Atmel saw this and bet Jack that the next flip would come up tails.Atmel figured that it was overdue for a tails and so tails was a more likely outcome in the next flip.Atmel has fallen prey to:
A) sunk cost fallacy.
B) reductio ad absurdum.
C) argumentum ad hominem.
D) gambler's fallacy.
Gambler's Fallacy
The erroneous belief that if an event happens more frequently than normal during a past period, it will happen less frequently in the future, or vice versa.
Sunk Cost Fallacy
The misconception that one should continue an endeavor because of previously invested resources (time, money, effort) even if current costs outweigh the benefits.
Reductio Ad Absurdum
A logical argument technique where a proposition is disproven by following its implications to an absurd consequence.
- Examine the impact of logical errors such as the sunk cost fallacy on decision-making in business.
Learning Objectives
- Examine the impact of logical errors such as the sunk cost fallacy on decision-making in business.
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