Question

Gerhard weighed 275 pounds, with 45% body fat. Marta weighed 135 pounds, with 30% body fat. Gerhard and Marta each set a New Year's goal to lose 20% of their body weight by June. They both bought 6-month memberships to a gym and kept going to the gym. Marta lost only 10% of her body weight. However, Gerhard lost 25% of his body weight in the first four months, but he kept working out at the gym since he had paid for 6 months of membership. Gerhard is an example of:

Gerhard weighed 275 pounds, with 45% body fat. Marta weighed 135 pounds, with 30% body fat. Gerhard and Marta each set both bought 6-month memberships to a gym and kept going to the gym. Marta lost only 10% of her body weight. However, Gerhard lost 25% kept working out at the qym since New Year's goal to lose 20% of their body weight by June. They f his body weight in the first four months, but he had paid for months of membership. Gerhard is an example of: attention to sunk costs because he kept going to the gym even after he reached his goal because he had paid for the membership. overvaluing the present relative to the future because he was motivated by his progress. overconfidence since he exceeded his goal. a framing bias since he felt trapped into continuing to go to the gym.

Answer 1

Sunk cost fallacy relates to over-commitment because of earlier decisions. This is applicable as he continues gym even after reaching his goal to get his money's worth.

attention to sunk costs because he kept going to the gym even after he reached his goal because he had paid for the membership