Suppose a Baseball Team Offers a Lottery for the Random

question 63

Multiple Choice

Suppose a baseball team offers a lottery for the random chance to buy season tickets at a deep discount. The fans who paid full price for season tickets are more likely to attend games than the fans who bought discounted season tickets. This best describes the behavioral bias of _____.

• A) sunk cost fallacy
• B) hyperbolic discounting
• C) falling prey to framing effect
• D) overconfidence

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Definitions:

Biological Maturation

The natural process by which organisms grow and develop, guided by genetic factors and largely independent of external influences.

Freud

Refers to Sigmund Freud, an Austrian neurologist and the founder of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Id, Ego, Superego

Components of the human psyche in Freudian psychoanalytic theory, with the id being instinctual desires, the ego the realistic mediator, and the superego the moral conscience.

Hull House

A settlement house founded by Jane Addams and Ellen Gates Starr in Chicago in 1889, aiming to assist immigrants and the poor with educational and social services.