Joe Pre-Orders a Non-Refundable Movie Ticket

question 105

Multiple Choice

Joe pre-orders a non-refundable movie ticket.He then reads a number of reviews of the movie in question that make him realize that he will not enjoy it.He goes to see it anyway,rationalizing that otherwise his money will have been wasted.Is Joe succumbing to the Sunk Cost Fallacy,and why?

• A)Yes,since he invested a valuable asset,his time,in a project based on its previous costs.
• B)No,because the cost of the movie was not recoverable and would have been lost whatever action he took.
• C)No,because going to see the movie means that the product of his initial investment was realized as originally planned.
• D)No,because he incurred no further costs by going to see the movie.
• E)No,because he won't know for sure if he enjoys the movie until he sees it.

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Definitions:

Collectivist Culture

Culture that emphasizes the importance of belonging to a larger group, such as a family, tribe, or nation.

Self-Esteem

An individual's overall subjective evaluation of their own worth or value.

Different Culture

Refers to the unique characteristics, behaviors, beliefs, and ways of life of a group of people that distinguish them from other groups.

Cognitive Approach

A psychological perspective that focuses on how people think, understand, and know about the world.