Marie's car has needed over 2000 in repairs. She resists selling it because she has spent so much money.This is C Sunk Cost Fallacy The Endowment Effect Overconfidence Bias Confirmation Bias

Question

Marie's car has needed over 2000 in repairs. She resists selling it because she has spent so much money.This is C Sunk Cost Fallacy The Endowment Effect Overconfidence Bias Confirmation Bias

Answer 1

The question is asking to identify the cognitive bias that Marie is exhibiting. The Sunk Cost Fallacy is a cognitive bias where a person continues a behavior or endeavor as a result of previously invested resources (time, money, effort) even if it is no longer beneficial or productive. In this case, Marie is resisting selling her car because she has already invested a lot of money in it, which is a classic example of the Sunk Cost Fallacy. The Endowment Effect is a cognitive bias where people tend to overvalue things simply because they own them. Overconfidence Bias is a cognitive bias where a person overestimates their abilities or the accuracy of their beliefs. Confirmation Bias is a cognitive bias where a person gives preference to information that confirms their existing beliefs or values. Therefore, the correct answer is Sunk Cost Fallacy.

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Marie's car has needed over 2000 in repairs. She resists selling it because she has spent so much money.This is C Sunk Cost Fallacy The Endowment Effect Overconfidence Bias Confirmation Bias

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