Claire spent $100 for a nonrefundable ticket to a play.Then she found out her granddaughter's first dance recital was that day.Claire really wanted to go to the recital,but she felt obligated to go to the play.Claire was displaying:
A)the representative heuristic.
B)the sunk-cost fallacy.
C)functional fixedness.
D)family resemblance bias.

Question

Quizplus · Accepted Answer

The sunk-cost fallacy is when someone continues a certain behavior or course of action because of previously invested resources (such as money or time), even if continuing that behavior is no longer the best option. In this case, Claire feels obligated to go to the play because she already spent $100 on the nonrefundable ticket, even though going to her granddaughter's recital would make her happier.

Claire Spent $100 for a Nonrefundable Ticket to a Play