Explain the concepts of sunk cost fallacy and base rate neglect. Provide an example of each type of thinking

What will be an ideal response?

The sunk cost fallacy is the mistaken belief that if a great deal of effort, time, or
money has already been invested in something, then more time, effort, and money
should be invested even though the outcome is not likely to improve. There are
many possible examples here, e.g., a student persists in developing a project for the
science fair that he/she has spent hours working on, but it is not coming together
properly. The student will continue to invest time and effort and present it at the
science fair only to receive no prize or attention. Base rate neglect refers to the
fallacy in which a person ignores the statistical and scientific data regarding an idea
and continues to behave in a manner based on emotional thought. There are many
possible examples, e.g., many students know that if they only read the bold words in
their text, they are not likely to do well on exams. Yet, they continue to "study" this
way because it's easier.