PCI Registered Reports

Announcements

We are recruiting recommenders (editors) from all research fields!

Your feedback matters! If you have authored or reviewed a Registered Report at Peer Community in Registered Reports, then please take 5 minutes to leave anonymous feedback about your experience, and view community ratings.

Back

452

Title

Sunk cost effects for time versus money: Replication and extensions Registered Report of Soman (2001)use asterix (*) to get italics

Authors

Nikolay PETROV, Yin Kan (Megan) CHAN, Cheuk Nam (Chris) LAU, Tin Ho (Donald) KWOK, Lok Ching (Estelle) CHOW, Wai Yan (Vivian) LO, Wenkai SONG, Gilad FELDMANPlease use the format "First name initials family name" as in "Marie S. Curie, Niels H. D. Bohr, Albert Einstein, John R. R. Tolkien, Donna T. Strickland"

Year

2023

Picture

Abstract

<p>The sunk cost effect is the tendency for an individual's decision-making to be impacted by unrecoverable previous investments of resources. Soman (2001) found that sunk cost effect is weaker for time than for money (Studies 1 and 2) and that the facilitation of money-like accounting strengthens the sunk cost effect for time (Study 5). We conducted a Registered Report of a close, high-powered, replication and extension of Soman (2001)’s Studies 1 and 2 and a conceptual replication of his Study 5 with an online sample of US American Amazon Mechanical Turk (N = 821). We found support for differences between sunk money costs and sunk time costs in Study 1 (original: φc = .61 [.43, .78]; replication: φc = .38 [.31, .45]), yet not in Study 2 in which we found sunk cost effects for both money and time (original: money - φc = .32 [.12, .52], time - φc = .02 [.00, .18]; replication: money - φc = .23 [.14, .33] , time - φc = .32 [.23, .42]). In Study 5, we found no support for facilitation of money-like accounting as strengthening the sunk time cost effect. Materials, data, and code are available on: https://osf.io/pm264/</p>

Indicate the full web address (DOI or URL) giving public access to these data (if you have any problems with the deposit of your data, please contact contact@rr.peercommunityin.org).

You should fill this box only if you chose 'All or part of the results presented in this preprint are based on data'. URL must start with http:// or https://

Indicate the full web address (DOI or URL) giving public access to these scripts (if you have any problems with the deposit of your scripts, please contact contact@rr.peercommunityin.org).

You should fill this box only if you chose 'Scripts were used to obtain or analyze the results'. URL must start with http:// or https://

Indicate the full web address (DOI, SWHID or URL) giving public access to these codes (if you have any problems with the deposit of your codes, please contact contact@rr.peercommunityin.org).

You should fill this box only if you chose 'Codes have been used in this study'. URL must start with http:// or https://

Keywords

judgment and decision-making, sunk cost, escalation of commitment, time, money, opportunity cost

Methods that require specific expertise (optional)

NonePlease indicate the methods that may require specialised expertise during the peer review process (use a comma to separate various required expertises).

Thematic fields

Social sciences

Suggested reviewers - Suggest up to 10 reviewers (provide names and Email addresses). (Optional)

No need for them to be recommenders of PCI Registered Reports. Please do not suggest reviewers for whom there might be a conflict of interest. Reviewers are not allowed to review preprints written by close colleagues (with whom they have published in the last four years, with whom they have received joint funding in the last four years, or with whom they are currently writing a manuscript, or submitting a grant proposal), or by family members, friends, or anyone for whom bias might affect the nature of the review - see the code of conduct

Opposed reviewers - Suggest up to 5 people not to invite as reviewers. (Optional)

e.g. John Doe [john@doe.com]

Submission date

2023-04-18 20:57:24

Recommender

Chris Chambers

Reviewers

or Register
Submit a report

Announcements

MANAGING BOARD

MEMBER OF

INDEXED BY