When decision makers choose to continue an existing course of action because it is the less painful option at the time, this is known?

Final answer:

Escalation of commitment refers to the continuation of a course of action due to past investment, despite new information that it may not be the best path, commonly related to the sunken costs fallacy and influenced by a desire to avoid the pain of change.

Explanation:

When decision makers choose to continue an existing course of action because it is the less painful option at the time, despite new information indicating that the continuation may be suboptimal, this is known as escalation of commitment. This phenomenon is also referred to as the sunken costs fallacy, where the decision to continue is often justified by the investments already poured into the venture. The psychological discomfort of admitting a loss and the desire to avoid immediate pain can bypass rational decision-making, leading to a preference for familiar paths, even if they are not the most beneficial in the long run. A decision-making process that compares the cost of an action against the expected benefit is meant to determine the best possible course of action, yet this process is often overshadowed by the inclination to maintain the status quo due to factors such as apathy, groupthink, and the avoidance of short-term pain, as seen in melioration.

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