Final answer:
The statement that escalation of commitment can also be defined as "throwing good money after bad" is true. This concept is linked to the sunk cost fallacy, where individuals continue to invest in a failing endeavor due to emotional attachment and past investments.
Step-by-step explanation:
The statement that another definition for escalation of commitment is "throwing good money after bad" is considered true. Escalation of commitment refers to the phenomenon where individuals continue to invest additional resources into a failing course of action due to the substantial resources they have already committed. This irrational behavior is often motivated by emotional attachment and the desire to not lose one's initial investment, even when continuing the investment is not justified by the circumstances.
The sunk cost fallacy is a prime example of this behavior, where greater value is attached to something that has received substantial investment regardless of its current worth. It is this flawed decision-making process that propels one to continue investing in a failing business, relationship, or project, effectively "throwing good money after bad"