Abstract
Many of us have had the unpleasant experience of putting money into a parking meter, turning the knob, and finding that our money has not registered. Do we put in more coins, move to another space, or hope we will not get a fine?The problem of ‘sunken costs’ is one we all face in one form or another. We invest in something; the investment turns out to be less than successful, but we have already invested, so we might keep investing in the hope that eventually the investment will pay off. But how long is long enough to decide that it might be time to look for another investment – or parking space?Soon, a half-century will have passed since Cronbach's plea for a union of the two disciplines of scientific psychology 1xThe two disciplines of scientific psychology. Cronbach, L.J. Am. Psychol. 1957; 12: 671–684CrossrefSee all
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