Question

Peter, the owner, is even more committed to making the used copier, which he recently purchased, work even though it keeps jamming and people have been telling him about other problems they have been having with it. Peter is affected by ______.

Answer 1

Answer:

The correct answer is Escalation of commitment bias.

Explanation:

Commitment bias is the tendency to use a loss (of time or money) as an excuse to increase that loss.

Let's see an example. We pay a cinema ticket to see a movie and after twenty minutes we understand that it is unbearable; Now, since we have already paid, we decided to see it to the end. Curiously, in that decision we will not only have lost money, we will also have wasted time seeing something that has ceased to interest us from the beginning. The curious thing is that this bias is present in many areas of life. We can see it in those couples who stay together without anyone fully understanding why. It is as if so much time “invested” in the couple comes before the fact that they get along badly (and worse and worse). The same with a job, with a friend or with the study.

Answer 2

Answer:

The correct answer is: the escalation of commitment bias.

Explanation:

The commitment bias or escalation of commitment bias occurs when individuals keep directing all their efforts towards a failed project. Even other parties may have noticed it is useless to attempt saving the project but the individuals keep dedicating all the time and financial resources possible to try to save it.

The escalation of commitment bias happens because the individuals do not want others to think their initial venture is a failure or that they are incapable or incompetent.