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EDUCATIONAL
EXPERIMENTAL SHORTS - DOCUMENTARY - ANIMATION
DANCE - EDUCATIONAL - HUMAN-ENVIRONMENT
The Sunk Cost Fallacy (2018)
The Sunk Cost fallacy is a human tendency to be influenced by sunk costs: costs which cannot be recovered or influence future events. To make the best decisions, ideally people should ignore sunk costs, but in our daily lives and through cleverly planned experiments, we can see that most people are very susceptible to the fallacy. See examples of the sunk cost fallacy in action, experiments which attempt to measure the effect, and learn about the neurological underpinnings of this pervasive phenomenon.
Direct, Film and Edit: Marina Luccioni
In collaboration with Colin Camerer (Caltech) and Teck Hua Ho (National University of Singapore)
Music : â“’ Audionautix (Soul Groove), Gunnar Olsen (Keep the Pace) and Youtube Audio Library (Where I am From)
Many thanks for Colin and Teck's guidance and supervision, and to Sumit Agarwal (National University of Singapore), Eric Finkelstein (Duke-NUS), Hang Wu (National University of Singapore), Ivan Png (National University of Singapore), Khanh Do (Singapore Civil Service College) and Wai Yan Leong (Singapore Land Transport Authority) and Xing Zhang (Swiss Federal Institute of Technology) for their enthusiasm and support for the project.
References:
Ho, T. H., Png, I. P., & Reza, S. (2017). Sunk cost fallacy in driving the world’s costliest cars. Management Science.
Hang Wu, Teck-Hua Ho & Xing Zhang (working paper) Searching for the Sunk Cost Fallacy: a Field Experiment
Fujino, J., Fujimoto, S., Kodaka, F., Camerer, C. F., Kawada, R., Tsurumi, K., ... & Yamada, M. (2016). Neural mechanisms and personality correlates of the sunk cost effect. Scientific reports, 6, 33171.
Webley, P., & Plaisier, Z. (1998). Mental accounting in childhood. Citizenship, Social and Economics Education, 3(2), 55-64.
Roth, S., Robbert, T., & Straus, L. (2015). On the sunk-cost effect in economic decision-making: a meta-analytic review. Business research, 8(1), 99-138.
Just, D. R., & Wansink, B. (2011). The flat-rate pricing paradox: conflicting effects of “all-you-can-eat” buffet pricing. The Review of Economics and Statistics, 93(1), 193-200.
Camerer, C. F., & Weber, R. A. (1999). The econometrics and behavioral economics of escalation of commitment: A re-examination of Staw and Hoang’s NBA data. Journal of Economic Behavior & Organization, 39(1), 59-82.
Runtime: 7 mins
Screenings & Film Festivals:
Singapore Ministry of Education
National University of Singapore - A-level Syllabus
Behavioral Insights - Menu and Framing Effects (2018)
The way in which information is presented has a significant impact upon our behaviour. When buying coffee, our purchasing decision may be influenced by the range of options on offer. Similarly, the menu of options available to potential donors can shape behaviour. How do you frame gift aid donations to your potential donors?
Direct, Film and Edit: Marina Luccioni
Many thanks for Miranda Jackman for script editing and to Michael Sanders (King's College London) and Zhi Soon (Australian Institute for Teaching and School Leadership) for feedback and support.
Music : â“’ You Changed My Mind - Good Vibrationz · https://www.amazon.com/-/es/dp/B08L1CM765/ref=dm_ws_tlw_trk4
Intro clip: Cup of Joy, Zorlu Center
References:
UK Behavioral Insights Team (2015) Applying Behavioural Insights to Charitable giving. behaviouralinsight.co.uk. p5-6, 20-21​
Festival Selections & Screenings:
The Behavioral Insights Team, UK (2018) *commissioned
Runtime: 2 mins
Behavioral Insights - Reciprocity (2018)
Responding to someone’s kind gesture with an equivalently considerate action is known as reciprocity and it is a powerful motivator. People exhibit a strong gift exchange motive: when someone gives something to us, we feel a desire, or tacit obligation, to give something back.
Direct, Film and Edit: Marina LuccioniMany thanks for Miranda Jackman for script editing and to Michael Sanders (King's College London) and Zhi Soon (Australian Institute for Teaching and School Leadership) for feedback and support.
Music :â“’ Path to Follow by Jingle Punks from YouTube Audio Library · http://bit.ly/32TUZyy and Cloudy Skies by tyLova music https://soundcloud.com/user-424206000/cloudy-skies
Intro footage: What's Gaby Cooking Healthy Chocolate Chip Cookies
​References:
UK Behavioral Insights Team (2015) BIT Update Final Report 2013-2015. behaviouralinsight.co.uk. p 9-10,15-16, 37-38
Festival Selections & Screenings:
The Behavioral Insights Team, UK (2018) *commissioned
Runtime: 2 mins
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