Tag: Irrational Decision Making

• Knee-Deep in the Mud and Climbing Out with a Clean Face

  A History-Aware Multiobjective View of Escalation and De-escalation of Commitment We usually expect people to change course after negative feedback. Yet in investment and project settings the opposite is common: decision makers sometimes increase their commitment to a failing course of action. This pattern is known as escalation of commitment (Staw 1976; Staw 1981; Brockner…

  Michael Emmerich

  December 9, 2025

  Bounded Rationality, Multicriteria Decision Analysis, Multiobjective Optimization, Rationality

  Bounded Rationality, Decision Analysis, Escalation of Committment, Gambler’s Fallacy, Irrational Decision Making, Multiobjective Optimization, Prospect Theory, Shapely Value, Trade-off