Abstract: Escalation of commitment (EOC) refers to the phenomenon whereby, in the face of negative consequences, decision-makers increase resource commitment and risk further losses. There are three influential theories for explaining this special phenomenon, namely prospect theory, self-justification theory, and decision dilemmas theory. The determinants of EOC found in empirical studies can be categorized as project variables, psychological variables, individual differences, and situational variables. In the last part of the paper, it proposed that future research should further probe into the problems such as integrating different explanatory mechanisms, and examining the psychological and behavioral effects of EOC on decision-makers

Key words: escalation of commitment, escalation situation, explanatory mechanism, determinants, control mechanism