Escalation of commitment to fossil fuels
AbstractThe use of fossil fuels has been a great boon to human civilization. However, given the issue of climate change, it has become clear that this is a time-limited strategy and that we will at some point need to severely curtail, and perhaps ultimately eliminate, this strategy of meeting our energy needs. Given this long-term perspective, the authors argue that continued public investment in fossil fuel industries and infrastructures reflects escalation of commitment, continued investment in a failing strategy. In this context, this paper reviews the research on escalation of commitment and factors that encourage de-escalation, highlighting strategies that citizens can use to encourage politicians and public administrators to protect long-term civic well-being by shifting investments away from fossil fuel industries.
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Bibliographic InfoArticle provided by Elsevier in its journal Ecological Economics.
Volume (Year): 89 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/ecolecon
Escalation of commitment; Sunk cost; Energy investment; Path dependency;
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