. The Expo case was an interplay of micro and macro forces: "The case highlighted the fact that major decision failures may seldom emerge full blown but, rather, can be developed and sustained in their early stages by microprocesses such as internal justification and faulty information processing" (Ross & Staw, 1986, p. 295).
A list of psychological determinants is headed by simple errors in information processing by decision makers. Although accounting and economic guidelines generally state that investments should only be made when marginal (future) revenues will exceed marginal costs, decision-makers may act to the contrary. Sunk costs, which are those costs previously expended, but are not supposed to effect investment decisions, may not be sunk psychologically. They, in addition to the way investment questions are posed, continue to influence investment decisions: "People take more risks on investment decisions framed in a negative manner (for example, to recover losses or prevent injuries) than when the same decision is positively
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