You have bought a $500 ticket package to take all of your family to Sea World on the first weekend in June. Your spouse has free passes to an IMAX viewing of Jaws for the same day. The morning of your outing, you notice storm clouds coming in and the weatherman says that there is a 95% chance of rain and lightning. You think that it might make more sense to go to the IMAX showing, but you paid significantly more for Sea World. Where would you be more likely to go? Name this phenomenon and briefly describe the premise of this type of cognitive error.

Question

Anisur Rahaman · Accepted Answer

Final Answer : You would be more likely to go to Sea World, based on the sunk cost effect: the willingness to do something because of money or effort already spent.

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