The sunk cost fallacy is the tendency to continue an endeavour once an investment in money, effort, or time has been made. We studied how people's chronic orientation to cope with failing projects (i.e., action vs. state orientation) influences the occurrence of this sunk cost effect. We found...

In the current paper we investigate how feedback over decision outcomes may affect future decisions. In an experimental study we demonstrate that if people receive feedback over the outcomes they obtained (``factual outcomes'') and the outcomes they would have obtained had they decided...

Sanction opportunities are often introduced to promote cooperative choice behavior. Experimental studies have repeatedly demonstrated that the use of both rewards and punishments can indeed effectively increase cooperation. However, research has only recently begun to identify the determinants...