All Subjects
Light
collapse
Practice Quizzes
AP Psychology
Unit 5 – Cognitive Psychology
Topic 5.8
How does the concept of cognitive dissonance from social psychology intersect with principles of economics in explaining the sunk cost fallacy?
Both cognitive dissonance and sunk cost fallacy are concepts exclusively limited to social psychology.
Cognitive dissonance refers to the simultaneous occurrence of two opposing thoughts and has no relation to economic behavior.
Cognitive dissonance explains the psychological discomfort we feel when our actions contradict our beliefs, while economics' sunk cost fallacy describes our tendency to continue an endeavor because of already invested resources.
Cognitive dissonance explains how we make choices based on maximum utility, mirroring the principle of marginal benefit in economics.
Related content
Practice quizzes
Practice this subject
Practice this unit
Practice this topic
Study guides (1)
AP Psychology - 5.8 Biases and Errors in Thinking
Key terms
Social Psychology
Cognitive Dissonance
Economics
Sunk Cost Fallacy
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
Stay Connected
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
Back
Practice Quiz
Guides
Glossary
Guides
Glossary
Next
