title: Promoting de-escalation of commitment: a regulatory-focus perspective on sunk costs.
abstract: People frequently escalate their commitment to failing endeavors. Explanations for such behavior typically involve loss aversion, failure to recognize other alternatives, and concerns with justifying prior actions; all of these factors produce recommitment to previous decisions with the goal of erasing losses and vindicating these decisions. Solutions to escalation of commitment have therefore focused on external oversight and divided responsibility during decision making to attenuate loss aversion, blindness to alternatives, and justification biases. However, these solutions require substantial resources and have additional adverse effects. The present studies tested an alternative method for de-escalating commitment: activating broad motivations for growth and advancement (promotion). This approach should reduce concerns with loss and increase perceptions of alternatives, thereby attenuating justification motives. In two studies featuring hypothetical financial decisions, activating promotion motivations reduced recommitment to poorly performing investments as compared with both not activating any additional motivations and activating motivations for safety and security (prevention).
authors.affiliation: Department of Psychology, Northwestern University, Evanston, IL 60208-2710, USA. molden@northwestern.edu
authors.forename: Daniel C
authors.initials: DC
authors.lastname: Molden
authors.forename: Chin Ming
authors.initials: CM
authors.lastname: Hui
mesh_terms: D000293:Adolescent; D000328:Adult; D002755:Choice Behavior / Q000502:physiology; D003657:Decision Making / Q000502:physiology*; D005260:Female; D006040:Goals; D006801:Humans; D007389:Internal-External Control; D007449:Investments; D008297:Male; D008875:Middle Aged; D009042:Motivation / Q000502:physiology*; D055815:Young Adult