零售商決策實驗(Newsvendor experiment)廣泛用於分析不確定性下決策中的捷思法和認知偏誤。儘管已有許多零售商決策的理論模型納入展望理論(Prospect theory)，但透過實驗進行的實證驗證仍然不足。同時，雖然在假設情境和一些實證研究中已經確立了沉沒成本偏誤，但其在經濟學行為實驗中的影響未有簡單的定論；在已發表的文獻中，沉沒成本偏誤的影響強度和效果的方向取決於設計等背景因素。本研究在零售商決策實驗中，利用沉沒成本來影響代理人的獲利與損失觀點。在沉沒成本運作下的訂貨決策時間會延長，且在高收益情況下，沉沒成本對趨至均值效應（Pull-to-Center, PtC）指標的影響在不同性別間效果相反。隨著沉沒成本對代理人的酬勞影響程度增加、進入低收益或損失心態，女性的 PtC 指標降低，而男性的 PtC 略有增強。此外，無論收益的關鍵比值如何，訂貨數量都與個體的沉沒成本敏感度異質性相關。沉沒成本在高收益組的女性之中引發的風險偏好的訂購行為，指出代理人的認知偏誤可能有利於委託代理關係中的委託人。

The newsvendor problem serves as a well-defined framework for analyzing heuristics and biases in decisions under uncertainty. Although prospect theory has been extensively integrated in theoretical models applied to newsvendor ordering, empirical validation through laboratory experiments remains inadequate. Similarly, while sunk cost bias has been established in hypothetical scenarios and some empirical studies, its influence in incentivized laboratory settings is less conclusive, with the reported strength and effect direction depending upon contextual factors. Using imposed sunk cost to influence loss and gain perspectives of ordering agents in newsvendor experiment, we present proof of newsvendors operating under sunk cost taking longer decision time. In high margin situation, sunk cost had opposite impact on pull-to-center (PtC) measurement by gender. With increasing sunk cost impact on the agents’ profit and shift to loss domain, females exhibit reduced PtC while that of males weakly enhanced. Additionally, sunk cost effect on order quantity correlates with individual heterogeneity in susceptibility regardless of critical ratio. Evidence of the more aggressive ordering behavior induced by sunk cost suggests that individual bias can potentially benefit the organization in principal-agent relationship.

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