Barry sees a sweater that he likes in a store. The price is $25. Barry wouldn't usually
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Barry sees a sweater that he likes in a store. The price is $25. Barry wouldn't usually purchase the sweater at this price, but then he notices a sign that says the sweater is marked down from $50 and decides to buy the sweater. Is Barry's decision an example of a commitment device, the endowment effect, a nudge, or anchoring bias? Explain.
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Anchoring involves estimating unknown quant...View the full answer
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