Cognitive Biases in E-Commerce: How to Identify and Mitigate Their Influence - Part 2

In the previous article of this series on cognitive biases in ecommerce, we looked at anchorage bias, confirmation bias, availability heuristic and status quo bias. There are several other biases that have an impact on the decision-making process and result in inaccurate judgement. In this article we will cover sunken cost bias, base rate fallacy and loss aversion.

5. Sunken cost bias: Sunken cost bias is a cognitive bias that refers to the tendency to continue investing in a project …

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