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Vulnerability of Korean Lawyers to Sunk Time and Sunk Money

Abstract

Previous studies showed that people tend to pay irrational attentions to irrecoverable past investments, called as sunk costs, while making decisions. The purpose of this study was to examine the vulnerability of Korean lawyers to sunk costs including both sunk money and sunk time. Fifty five Korean lawyers and sixty lay people completed a survey consisting of a measure of the vulnerability to sunk costs and a regret-based decision making style scale. Results indicated that lawyers exhibited the vulnerability to both sunk money and sunk time whereas lay people showed greater sunk money effects than sunk time effects. Additionally, lawyers with greater regret-based decision making styles were more vulnerable to both sunk money and sunk time compared to those who with weaker regret-based decision making tendency. Implications, limitations and possible future studies were also discussed.

keywords
Sunk cost, Lawyers, Sunk Time, Sunk Money, Regret, 매몰비용, 변호사, 시간, 돈, 후회

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