Escalation of Commitment Bias-Increasing Commitment to a Project Despite Negative

Essay

Escalation of commitment bias-increasing commitment to a project despite negative feedback about it.A website called Swoopo.com capitalizes on this bias by offering a penny auction in which,say,a $1,500 laptop is offered for bidding starting at a penny and going up one cent at a time,but it costs bidders 60 cents to make a bid."Once people are trapped into playing," suggests one account about this form of bias,"they have a hard time stopping."