Arthur Authorizes the Expenditure of an Additional $100 000 for the Production

Arthur authorizes the expenditure of an additional $100 000 for the production of a new product despite mounting concerns that it will be unprofitable.The cost of the new product has already increased far beyond the initial plans and projections.Arthur's continuing support for this project illustrates the phenomenon of ________.

A) anchoring effect
B) intuition
C) overconfidence bias
D) hindsight bias
E) escalation of commitment

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