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Describe how framing heuristics affect a manager's escalation of commitment.

Describe how framing heuristics affect a manager's escalation of commitment.

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Framing heuristics is dealing something whith practical knowledge rather than theoretical to avoid waste. This can be equated with rules of thumb. Escalation of commitment is increasing the investment of money and time after a continuous failure. Another term for escalation of commitment is 'sunk cost fallacy'. So when a person with continuous loss tries to adopt heuristic approach throws good money and time to overcome the loss. Its just like playing with a big amount in Casino after a small loss to overcome it by expecting a big win.

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