Asked by Tracy Thich on Jul 08, 2024
Verified
The decision-making error of overconfidence is represented by the argument of "too much time and money invested to quit now."
Overconfidence
The state of being excessively confident, often leading to underestimating risks, challenges, or the abilities of others.
Too Much Time
Too much time typically refers to scenarios where there is an excess of available time which could lead to inefficiency or procrastination.
- Recognize the critical nature of examining alternative strategies in the decision-making process.
Verified Answer
JH
Jassim HamdanJul 14, 2024
Final Answer :
False
Explanation :
The decision-making error described is known as the "sunk cost fallacy," not overconfidence. Overconfidence refers to the unwarranted faith in one's own intuitive reasoning, judgments, or cognitive abilities.
Learning Objectives
- Recognize the critical nature of examining alternative strategies in the decision-making process.
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