Author Question: Explain the concepts of sunk cost fallacy and base rate neglect. Provide an example of each type of ... (Read 30 times)

hubes95 · **on:** Jun 22, 2018

Explain the concepts of sunk cost fallacy and base rate neglect. Provide an example of each type of thinking.

What will be an ideal response?

Question 2

Statistically, what percentage of American youth state that they believe in God? What is the nature and purpose of religious belief to the typical adolescent?

What will be an ideal response?

carolinefletcherr · **Reply #1 on:** Jun 22, 2018

Answer to Question 1

The sunk cost fallacy is the mistaken belief that if a great deal of effort, time, or
money has already been invested in something, then more time, effort, and money
should be invested even though the outcome is not likely to improve. There are
many possible examples here, e.g., a student persists in developing a project for the
science fair that he/she has spent hours working on, but it is not coming together
properly. The student will continue to invest time and effort and present it at the
science fair only to receive no prize or attention. Base rate neglect refers to the
fallacy in which a person ignores the statistical and scientific data regarding an idea
and continues to behave in a manner based on emotional thought. There are many
possible examples, e.g., many students know that if they only read the bold words in
their text, they are not likely to do well on exams. Yet, they continue to study this
way because it's easier.

Answer to Question 2

When questioned, 71 percent of adolescents stated that they felt close to God and
believed in heaven, hell, and angels. Religion serves an egocentric purpose for most
adolescents. It may be perceived as a tool to help them overcome difficulty or to
prevent them from doing bad things. The research indicates that much adolescent
faith is superficial and selfish and based on emotional and intuitive thought, rather
than critical or analytic thinking.