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The role of risk in making decisions under escalation situations

Authors Wong, KFE
Issue Date 2005
Source Applied psychology-an INTERNATIONAL review-psychologie appliquee-revue internationale , v. 54, (4), 2005, OCT, p. 584-607
Summary This paper reports on two studies examining the relationship between escalation of commitment and three risk-related variables-risk propensity, risk perception, and outcome expectancy. Results showed that (a) risk propensity and outcome expectancy were positively related to escalation of commitment, whereas risk perception was negatively related to escalation of commitment; (b) risk perception partially mediated the effects of risk propensity, and outcome expectancy mediated the effects of risk perception. These findings are generally consistent with the conceptual framework proposed by Sitkin and Pablo (1992). Implications for risk-taking behavior, escalation of commitment, and practice are discussed.
ISSN 0269-994X
Rights Applied Psychology : an international review © copyright 2005 Lawrence Erlbaum Associates. Readers must contact Lawrence Erlbaum Associates for permission to use or reprint the material.
Language English
Format Article
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