Suppose You Conduct a Study in Which Subjects Are Asked

question 51

Multiple Choice

Suppose you conduct a study in which subjects are asked the following questions: 1." Imagine that you have decided to go to a basketball game where the cost is $25 per ticket.As you enter the arena,you discover that you have lost your $25.Would you still pay $25 for a ticket?" 2."Imagine that you have decided to go to a basketball game and you pay $25 for the ticket.As you are walking into the arena you realize that you have lost your ticket.Would you pay another $25 for another ticket?" You find that 90% of your subjects answered "Yes" to the second question,compared to the 50% that answered "Yes" to the first question.This is an example of

• A) The default effect
• B) The endowment effect
• C) Narrow framing
• D) Dynamic inconsistency

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Definitions:

Nervousness

A feeling of anxiety, unease, or apprehension typically about an imminent event or something with an uncertain outcome.

Constricted Pupils

A condition where the pupils of the eyes become smaller than normal, potentially indicating exposure to drugs, brain injury, or other medical conditions.

Ketoacidosis

A serious diabetic complication where the body produces excess blood acids (ketones) due to lack of insulin.

Arterial pH

A measure of the acidity or alkalinity of the blood in the arteries, which is essential for diagnosing and managing various medical conditions.