Asked by Bayna Parrilla on Jul 24, 2024
Verified
You have anxiously been awaiting your favorite superhero movie to be released in theaters.However,30 minutes in to the movie,you realize you hate it.Thinking about how expensive your ticket was,you still decide to stay and finish the movie.This is explained by which of our heuristics?
A) availability
B) representativeness
C) sunk cost
D) hindsight bias
Sunk Cost
A past expense that has already been incurred and cannot be recovered, which should not influence ongoing or future decisions.
- Discern the impact that cognitive biases exert on the act of making decisions.
- Understand the heuristic approach to reasoning and its implications.
Verified Answer
IN
Iliana NoriegaJul 31, 2024
Final Answer :
C
Explanation :
This decision is explained by the sunk cost fallacy, which occurs when individuals continue a behavior or endeavor as a result of previously invested resources (time, money, or effort), even if they are not enjoying or benefiting from it. In this scenario, the decision to stay and watch the movie despite not enjoying it is influenced by the money already spent on the ticket.
Learning Objectives
- Discern the impact that cognitive biases exert on the act of making decisions.
- Understand the heuristic approach to reasoning and its implications.
Related questions
Our Reasoning and Decision Making ______ Matches the Optimal Outcome ...
Lynette Has Been Playing Roulette for an Hour ...
Tendencies to Acquire and Process Information in an Error-Prone Way ...
According to Kahneman and Tversky,which of the Following Gas Stations ...
A Recent Train Wreck Was Covered Around the Clock on ...