escalation of commitment

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You and your co-workers had an in-depth discussion about nonrational escalation of commitment. Use your best communication techniques to discuss the following questions: Identify the possible original decisions, the person(s) who could make it, and the person(s) who may escalate the commitment to that decision.

Describe the circumstances that led to the commitment being escalated
Where do you think the nonrational escalation of commitment may occur?
Explain why the escalation is nonrational
Discuss the impact of this escalation of commitment.

How should I tackle this question?
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The following paragraphs and the links provided as source will be useful to answer all the above mentione questions.

Irrational escalation (sometimes referred to as Irrational escalation of commitment) is a term frequently used in psychology, philosophy, economics, and game theory to refer to a situation in which people can make irrational decisions based upon rational decisions in the past or to justify actions already taken. Examples are frequently seen when parties engage in a bidding war; the bidders can end up paying much …