Your cousin Vicky remodeled an old beach house last year.Vicky put on a new roof and shelled the driveway.This year,he needs to upgrade the electricity and replace most of the plumbing.You asked him,"Why don't you just sell?" Vicky waved a stack of invoices in your face and said,"I already put this much money into the place!" This statement is an example of the _______________ type of judgment error.
A)availability
B)escalation of commitment
C)anchoring and adjustment
D)confirmation
E)overconfidence

Question

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The Answer of Your cousin Vicky remodeled an old beach house last year.Vicky put on a new roof and shelled the driveway.This year,he needs to upgrade the electricity and replace most of the plumbing.You asked him,"Why don't you just sell?" Vicky waved a stack of invoices in your face and said,"I already put this much money into the place!" This statement is an example of the _______________ type of judgment error.
A)availability
B)escalation of commitment
C)anchoring and adjustment
D)confirmation
E)overconfidence

Your Cousin Vicky Remodeled an Old Beach House Last Year