Hal Arkes

sunk-cost fallacy research.

Professor Emeritus of psychology at Ohio State University, Arkes has spent decades studying judgement and decision-making. He co-authored the landmark 1985 paper with Catherine Blumer that formally documented the sunk-cost effect — the tendency to continue investing in a losing course of action because of prior irrecoverable expenditure. His work has shaped both behavioural economics and medical decision-making research.