Sunday, July 15, 2007

The Lost Theater Ticket

I wish to conduct a poll. Someday, when my blog would have sufficient traffic, I would return to the below scenario and try to gather statistics. I came across this example in a presentation at Principles of Economics, student center.

Consider the below scenario

1) A Theater ticket cost $10
2) You have $20 and you wish to see the play

A) Would you buy the ticket after losing a $10 bill?
B) Would you buy a second ticket after losing the first?

People seem to make inconsistent choices !!!

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