A well-known bias in subjective perceptions of chance is the gambler's fallacy: people typically believe that a streak generated by a series of independent random draws, such as a coin toss, becomes increasingly more likely to break when the streak becomes longer. In a fascinating study, Misirlisoy and Haggard analysed sequential behavior of kickers and goalkeepers in penalty shootouts. They re...

The sunk cost effect is a maladaptive economic behavior that is manifested in a greater tendency to continue an endeavor once an investment in money, effort, or time has been made. The Concorde fallacy is another name for the sunk cost effect, except that the former term has been applied strictly to lower animals, whereas the latter has been applied solely to humans. The authors contend that th...