A revisit to sunk cost fallacy for two-stage stochastic binary decision making

HIGHLIGHTS

• What: The authors propose novel analytical method for decision making with sunk cost when considering the utility change and validate the effectiveness of this method through mathematical modeling and computational experiments. The authors develop two-stage stochastic optimization model for such decision-making problems and employ the sample average approximation (SAA) method to solve them. For a quantitative study of this framework, a two-stage stochastic optimization model is developed, and the paper analyzes how optimal decisions should be made in situations where utilities fluctuate . The authors propose a novel mathematical model for solving the studied decision . . .
  

   

  

  If you want to have access to all the content you need to log in!

  Thanks :)

  Username or Email

  Password

  Remember me

  Lost your password?

  If you don't have an account, you can create one here.