From 2021, the journal is not published. The last published issue of the journal is issue 2/2020.
Psychologie pro praxi (Psychology for Practice) is academic journal focused on practical applications of psychological research and theory, particularly in psychology of work and organization, social psychology, and psychology of education.
PSYCHOLOGIE PRO PRAXI, Vol 48 No 1 (2013), 9–20
Čas sú peniaze… alebo nie? Rozdiely pri investovaní času a peňazí a vplyv utopených nákladov
[Time is money … or not? Differences between investing time and money and the influence of sunk cost]
Nina Bakošová
published online: 17. 02. 2015
abstract
Decision-making is an everyday process. Despite our effort, we are not fully rational in decision-making and we leverage intuitive judgments and biases which allow us to make quick decisions. One such bias is the sunk cost fallacy, i.e. tendency to invest the more the greater costs have already been incurred. According to this research it is not possible to generalize the sunk cost effect. This research did not show the sunk cost effect neither in financial nor in time investments. However, it has shown a significantly higher readiness to invest time as opposed to money (p < 0.01). It seems that we tend to treat time more recklessly than money, which can have fundamental impact on private as well as business decision-making.
keywords: Decision-making; intuitive judgment; cognitive biases; sunk cost fallacy
Čas sú peniaze… alebo nie? Rozdiely pri investovaní času a peňazí a vplyv utopených nákladov is licensed under a Creative Commons Attribution 4.0 International License.
157 x 230 mm
periodicity: 2 x per year
print price: 80 czk
ISSN: 1803-8670
E-ISSN: 2336-6486
