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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>

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Keywords (optional)

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

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Submission date

2023-04-18 20:57:24

Recommender

Chris Chambers

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