Escalating commitment - tendency to continue with a previously chosen course of action, even when feedback suggests that it is failing.
Keeps continuing because decision makers:
– Rationalise negative feedback
– ‘Perceptual blinders’
– Protect their egos - self justification
– Closing costs
– View the negative results as a ‘learning experience
– ‘Gambler’s fallacy’
rose petal (see I am studying instead of checking out JWD)