Wednesday, January 18, 2017

BC Liberals Site C Dam: 'Escalation of commitment' and 'sunk cost fallacy’ policies

Its almost as if blogger ferrebeekeeper  is a British Columbian

Escalation of commitment refers to a behavioral phenomenon whereby a group of people who have embarked upon a decision which is producing increasingly negative outcomes continue forward with their course of action despite the accumulating evidence of bad results.  This sounds ridiculous, but it is a very frequent pattern in human behavior.  It is worth casting our minds back 100 years to 1917 when the First World War ground into its 3rd year despite the deaths of millions of combatants on both sides. In economics, a very similar situation is described as the “sunk cost fallacy’: throwing away more and more resources because the idea of losing the time and money already invested is too painful to bear.  ..................... Snip
 January 18, 2017 in Uncategorized | Tags: , , , , , , , ,

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The Sunk Cost Fallacy. The Misconception: You make rational decisions based on the future value of objects (BC Hydro Site C), investments and experiences. The Truth: Your decisions are tainted by the emotional investments you accumulate, and the more you invest in something the harder it becomes to abandon it.

An example of 'accumulation' here in British Columbia is the way in which the BC Liberals have nailed down the category of ever increasing DEBT and still maintaining that they've balanced their Budget for four straight years....   and still they reward their Minister$$ for keeping the numbers below, or balanced by simply having presented an over inflated Budget.

The Tyee:


That is according to the July 15-released Public Accounts for the 2013-2014 fiscal year.  Snip

$160.93 Billion


Google Search Criteria:  wild west bc escalation costs of site c

  DeSmog

 Anonymous said...
And about that wild west BC article  LINK

2 comments:

Bill said...

Sunk Cost Fallacy... 'failacy'?

Site C, LNG, Run of River - all ongoing fails for BCers. Money 'transferred' only into the pockets of Liberal Pirates.

They can not help to help themselves.

Anonymous said...

And about that wild west BC article