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Concorde fallacy

Continuing to invest in a project merely to justify past investment in it, rather than assessing the current rationality of investing, irrespective of what has gone before. Thus gamblers ...

Concorde fallacy

Concorde fallacy   Quick reference

A Concise Oxford Dictionary of Politics and International Relations (4 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Social sciences, Politics
Length:
160 words

... fallacy Name given by evolutionary biologists to a form of suboptimal behaviour found among wasps and policymakers. Certain species of wasp are observed to defend their nests with an amount of energy proportionate to the amount they have spent on building the nest. It would be more efficient for them to defend them with an amount of energy proportionate to the cost of an alternative and the strength of the aggressor. Likewise, wasteful public expenditure on the supersonic aircraft Concorde was defended on the grounds that a great deal had already been...

Concorde fallacy

Concorde fallacy n.   Quick reference

A Dictionary of Psychology (4 ed.)

Reference type:
Subject Reference
Current Version:
2015

... fallacy n. Continuing to invest in a project merely to justify past investment in it, rather than assessing the current rationality of investing, irrespective of what has gone before. Thus gamblers often throw good money after bad in an attempt to escape from escalating debts, marriage partners often become trapped in escalating spirals of hostility and counter-hostility from which they feel increasingly incapable of extricating themselves on account of past emotional investments, and the length of time a female great golden digger wasp Sphex...

Concorde fallacy

Concorde fallacy  

Continuing to invest in a project merely to justify past investment in it, rather than assessing the current rationality of investing, irrespective of what has gone before. Thus gamblers often throw ...
sunk cost fallacy

sunk cost fallacy  

Another name for the Concorde fallacy, especially among decision theorists.
marginalism

marginalism  

Reference type:
Overview Page
The technique of studying economic change by examining any small rate of change of any one variable (e.g. cost, revenue, consumer satisfaction) relative to another. Analytically powerful because it ...
Dollar Auction game

Dollar Auction game  

A strategic game (1) devised by the US economist Martin Shubik (born 1926) and published in the Journal of Conflict Resolution in 1971, designed to model strategic escalation and entrapment. A dollar ...
sunk cost fallacy

sunk cost fallacy n.   Quick reference

A Dictionary of Psychology (4 ed.)

Reference type:
Subject Reference
Current Version:
2015

...cost fallacy n . Another name for the Concorde fallacy , especially among decision...

marginalism

marginalism   Quick reference

A Concise Oxford Dictionary of Politics and International Relations (4 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Social sciences, Politics
Length:
186 words

...because it enables the rules of calculus to be directly applied to economic reasoning. Marginalism was imported into political thinking by economists who turned to politics. The benefit of marginalist thought is that it can dispel common fallacies, for instance ‘We have spent £ K (where K is a large number) on Concorde so far and have got nothing to show for it; therefore we should spend the further £ K ? (where K ? is a slightly smaller number) needed to complete the development, so as not to waste the money we have spent already’; or ‘If everybody...

Dollar Auction game

Dollar Auction game n.   Quick reference

A Dictionary of Psychology (4 ed.)

Reference type:
Subject Reference
Current Version:
2015

...with real bidders, the game is usually highly profitable for the auctioneer, and controlled experiments have shown that bidding almost invariably exceeds the value of the prize and sometimes goes as high as 20 dollars, causing much distress to the participants. See also Concorde fallacy...

War Termination

War Termination   Reference library

Carmela Lutmar and Lesley Terris

The Oxford Encyclopedia of Empirical International Relations Theory

Reference type:
Subject Reference
Current Version:
2018
Subject:
Social sciences, Politics
Length:
8,640 words

...trap: Are the U.S. and China headed for war? The Atlantic . Anderson, C. J. (2003). The psychology of doing nothing: Forms of decision avoidance result from reason and emotion. Psychological Bulletin , 129 , 139–167. Arkes, H. , & Ayton, P. (1999). The sunk costs and concorde effects: Are humans less rational than lower animals? Psychology Bulletin , 125 (5), 591–600. Arkes, H. , & Blumer, C. (1985). The psychology of sunk costs. Organizational Behavior and Human Decision Processes , 35 , 124–140. Barringer, R. E. (1972). War: Patterns of conflict...

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