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A consumer is given the chance to buy a concert ticket for $50 and refuses. Later,...

A consumer is given the chance to buy a concert ticket for $50 and refuses. Later, that same consumer wins a free ticket to the concert. When asked to sell that ticket for $50, the consumer refuses, indicating that he would rather use the ticket himself. This is an example of

A) irrational behavior.

B) framing bias.

C) salience.

D) endowment effect.

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Answer #1

Endowment effect. People place a greator value on things once they have established ownership, .. we overvalue some thing tha

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