Discussion on nonrational escalation of committment

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Description: Myself and a coworkers had an indepth discussion about nonrational escalation of commitment. Use your best communication techniques to discuss the following questions: Identify the possible origianl decisions, the person(s) who could make it, and the peron(s) who may escalet the commitment to that decision.

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

Document any assumtions you made, and use the APA Guide, 5th edition for citaion purposes.

I am just starting my Masters Program in Human Resources Mangemnt.
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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 more than the object is worth to justify the initial expenses associated with bidding (such as research), as well as as part of a competitive instinct.

source: http://en.wikipedia.org/wiki/Irrational_escalation

Staw (1976) coined the term “escalation of commitment” to describe a decision by an individual …