If Mary chooses to buy a raffle ticket that has a 5% chance of winning over one that has a 95% chance of losing, she is:
A) exaggerating the improbable.
B) exhibiting hindsight bias.
C) avoiding loss.
D) exhibiting confirmation bias.

Question

Quizplus · Accepted Answer

Mary is choosing the option with the lower chance of losing, which demonstrates her desire to avoid a potential loss rather than seeking a potential gain. This behavior is characteristic of loss aversion.

If Mary Chooses to Buy a Raffle Ticket That Has