Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/147160
Title: UNDERSTANDING AGE DIFFERENCES IN SUNK-COST FALLACY: DOMAIN, DIMENSION, AND TEMPORAL HORIZON
Authors: MAUREEN YONG MU LING
Keywords: sunk-cost fallacy, aging, temporal horizon, decision-making
Issue Date: 13-Apr-2018
Citation: MAUREEN YONG MU LING (2018-04-13). UNDERSTANDING AGE DIFFERENCES IN SUNK-COST FALLACY: DOMAIN, DIMENSION, AND TEMPORAL HORIZON. ScholarBank@NUS Repository.
Abstract: Prior research indicates that older adults are less subject to the sunk-cost fallacy, which occurs when retrospective investments irrationally influences decisions regarding future investments. The aim of this study is to further investigate such age differences in the contexts of domain (social relationships or nonsocial activities) and dimension (prior investments of time or money), and to test possible mechanisms of rumination avoidance and restricted or expansive temporal horizons that past studies have found to be mediators. Results indicate an intricate three-way relationship between age, domain, and dimension, and find a full mediation by temporal horizons when people of different ages demonstrate sunk-cost fallacy regarding social-time investments. Results support a theorized causal relationship: older adults are less susceptible to sunk-cost fallacy of social-time investments than younger adults because older adults have more restricted temporal horizons. Implications of this study and suggestions for future research are included.
URI: http://scholarbank.nus.edu.sg/handle/10635/147160
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