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Korean Journal of Psychology: General

ISSN : 1229-067X

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Vol.27 No.3

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The effect of anticipated regret and self-efficacy on sunk cost fallacy behavior

Korean Journal of Psychology: General / Korean Journal of Psychology: General, (P)1229-067X; (E)2734-1127
2008, v.27 no.3, pp.695-709


& (2008). The effect of anticipated regret and self-efficacy on sunk cost fallacy behavior. Korean Journal of Psychology: General, 27(3), 695-709.

Abstract

This study examined the role of anticipated regret as well as the importance of individual differences in making decision under sunk cost situation. And this study investigated how the individual’s self-efficacy changes the influence of anticipated regret about withdrawal and persistence on the sunk cost fallacy behavior. Results showed that anticipating regret about persistence decreased sunk cost fallacy behavior but anticipating regret about withdrawal did not change it. Also, there was strong and significant effect of anticipated regret about persistence on the sunk cost fallacy behavior for individuals with a high self-efficacy. Especially, individuals with a high self-efficacy was more sensitive both anticipated regret about persistence and withdrawal than individuals with a low self-efficacy. This study indicates that the impact on sunk cost fallacy behavior of anticipated regret is moderated by self-efficacy. Therefore it suggests that the predictive power of anticipated regret on sunk cost fallacy behavior will be enhanced if individual differences such as self-efficacy are taken into account.

keywords
예상되는 후회, 자기효능감, 매몰비용 오류 행동, anticipated regret, self-efficacy, sunk cost fallacy behavior, anticipated regret, self-efficacy, sunk cost fallacy behavior

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