Escalation of Commitment Bias can be explained by thinking of people who play the lottery. Like many of us, we buy lottery tickets or scratchers because we have this idea that we will be the one who will win even though the odds are not in our favor. Even when we lose time after time, and our money slowly dwindles, we drive back to the store to buy another ticket because we
"just know that we will win this time". If we think logically about the lottery we would realize that the odds are not in our favor and that is why the sums of money you could possibly win are so large. These large sums of money put our logic to the side and makes the lottery addictive because we have hope that we will be the next winner.
"just know that we will win this time". If we think logically about the lottery we would realize that the odds are not in our favor and that is why the sums of money you could possibly win are so large. These large sums of money put our logic to the side and makes the lottery addictive because we have hope that we will be the next winner.