Seth, a project manager for Simmons Solar Solutions, is working on a new solar panel that is expected to revolutionize the solar power industry. Simmons Solar Solutions has already invested $$7$ million in the new solar panel. However, recent tests show that the new sour panel is less efficient than current solar technology. Even though the project has no chance of revolutionizing the solar power industry, Seth keeps investing more money, time, and effort into the project. What does this scenario illustrate?

Satisficing

Analyticat decision making

Sunk cost $($escalation of commitment$)$

Behavioral decision making