Laura and her dad like to spend Saturdays checking out yard…
Laura and her dad like to spend Saturdays checking out yard sales around their neighborhood. One Saturday while out at a yard sale, they spot a pair of hiking boots that are marked at $20. Laura’s dad offers the owner $16 for the boots but the owner declines. Later that day, another person purchases the boots for $20. A couple of Saturdays later, Laura and her dad are at another yard sale when they spot a remarkably similar pair of hiking boots (in fact, they were the same exact boots!). The boots are now marked at $25 dollars. Laura’s dad offers the owner $21 for the boots. The fact that Laura’s dad offered $16 for boots at the first yard sale, but $21 for the same boots at the second yard sale demonstrates what phenomenon of human decision-making?
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