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Making "exit" decisions: monitoring and adapting intuitive judgement processes involved
Bakošová, Nina ; Riegel, Karel (advisor) ; Wagnerová, Irena (referee)
The purpose of this thesis is to examine exit decision-making (e.g. decision to cease a venture, project or any other kind of activity, which required previous monetary, time or other investment) as well as to explore possible enhancements of exit decision-making not only in business context but also in personal decisions. Two theoretical approaches were applied: Prospect theory by Kahneman and Tversky and Intuitive judgment approach. Implications stemming from these theoretical models were employed and two phenomena characteristic of exit decision-making specified. Namely, it was (reverse) sunk cost fallacy and resulting (de-)escalation of commitment, which were also explored empirically. Research consisted of two parts. First developed a new research scenario aiming at personal exit decision-making. Second explored the reaction to four levels of sunk costs (monetary or time expenses). As Phase B of Pilot study showed, new scenario proved managed to elicit reverse sunk costs effect. Further changes were made to the scenario for the purposes of Main study, which resulted in equivocal findings. Monetary sunk costs did not elicit any expected effect, time sunk costs induced an incoherent reverse sunk cost effect and respective de-escalation of commitment. Author believes these results revealed that important...
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Making "exit" decisions: monitoring and adapting intuitive judgement processes involved
Bakošová, Nina ; Wagnerová, Irena (referee) ; Riegel, Karel (advisor)
The purpose of this thesis is to examine exit decision-making (e.g. decision to cease a venture, project or any other kind of activity, which required previous monetary, time or other investment) as well as to explore possible enhancements of exit decision-making not only in business context but also in personal decisions. Two theoretical approaches were applied: Prospect theory by Kahneman and Tversky and Intuitive judgment approach. Implications stemming from these theoretical models were employed and two phenomena characteristic of exit decision-making specified. Namely, it was (reverse) sunk cost fallacy and resulting (de-)escalation of commitment, which were also explored empirically. Research consisted of two parts. First developed a new research scenario aiming at personal exit decision-making. Second explored the reaction to four levels of sunk costs (monetary or time expenses). As Phase B of Pilot study showed, new scenario proved managed to elicit reverse sunk costs effect. Further changes were made to the scenario for the purposes of Main study, which resulted in equivocal findings. Monetary sunk costs did not elicit any expected effect, time sunk costs induced an incoherent reverse sunk cost effect and respective de-escalation of commitment. Author believes these results revealed that important...
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