The sunk‐time effect: An exploration

We explored the potential for a sunk‐cost effect in the realm of time. Questionnaire studies (Experiments 1–4) obtained a sunk‐time effect that was robust to manipulations of prospective value, individual versus group consequences, and the effort or enjoyment inherent in the time. Behavioral experiments (Experiments 5–7) also suggested a sunk‐time effect and found support for a personal responsibility by sunk‐cost interaction on choice behavior. We discuss theoretical implications and a potential connection to animal sunk‐cost phenomena. Copyright © 2008 John Wiley & Sons, Ltd.