You Have Bought a $500 Ticket Package to Take All

question 21

Essay

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.

---

Definitions:

Upgrade Cost

The expenses associated with improving or enhancing an existing product, service, or infrastructure.

Obsolete Desk Calculators

Refers to desk calculators that are no longer used or considered outdated due to advances in technology.

Financial Advantage

The benefit achieved in economic terms that contributes to the financial health of a company or individual.

Alternative B

A second option or scenario often considered in decision-making processes or strategic planning.