Mindfulness and decision making: sunk costs or escalation of commitment?

Abstract

Mindfulness is related to a number of positive health outcomes, such as decreased stress, anxiety and improved physical functioning. Recent studies have found that mindfulness is related to a range of cognitive outcomes, including better decision making. In one example, higher trait mindfulness and brief mindfulness inductions are associated with resistance to the influence of sunk costs, where mindful individuals were more willing to discontinue a costly, but disadvantageous, course of action. However, some previous studies examining mindfulness and sunk costs have methodological limitations which make it difficult to determine if mindfulness is specifically related to sensitivity to the sunk cost bias, or rather than to a general willingness to continue an unprofitable course of action (independent of the level of prior investment). The present study extends previous work by replicating the finding that trait mindfulness is positively related to resistance to the effects of sunk costs and also demonstrates that mindfulness is related to reduced escalation of commitment, an individual's willingness to continue their commitment to an unprofitable course of action through the further investment of resources or time. Overall, trait mindfulness was most consistently related to reduced escalation of commitment, whereas the relationship between trait mindfulness and resistance to the effects of sunk costs was less consistently observed.