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AP Psychology
Unit 5 – Cognitive Psychology
Topic 5.8
How does the concept of cognitive dissonance from social psychology intersect with principles of economics in explaining the sunk cost fallacy?
Cognitive dissonance explains the psychological discomfort we feel when our actions contradict our beliefs, while economics' sunk cost fallacy describes our tendency to continue an endeavor because of already invested resources.
Both cognitive dissonance and sunk cost fallacy are concepts exclusively limited to social psychology.
Cognitive dissonance refers to the simultaneous occurrence of two opposing thoughts and has no relation to economic behavior.
Cognitive dissonance explains how we make choices based on maximum utility, mirroring the principle of marginal benefit in economics.
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AP Psychology - 5.8 Biases and Errors in Thinking
Key terms
Social Psychology
Cognitive Dissonance
Economics
Sunk Cost Fallacy
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