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Assume the coronavirus is behind us, so nobody has to worry about the coronavirus anymore. You have two tickets to see your favorite band perform
Assume the coronavirus is behind us, so nobody has to worry about the coronavirus anymore. You have two tickets to see your favorite band perform in Baltimore. The day of the concert there is a heavy, freak snowstorm. Getting to Baltimore is going to be risky. You try to find somebody to sell the tickets to, but there are no takers. You either attend the concert and use the tickets or you throw them away (no refunds are possible for the tickets). (1) Would your decision on whether to attend the concert, braving the snowstorm, depend on whether you had bought the tickets or they had been given to you as a gift? Why? (2) How would homo economicus decide whether or not to attend the concert? In other words, what sort of "mental calculation" would homo economicus conduct when making the decision
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