Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please only typing answer 2. A researcher in a park with a lot of pedestrians invited passersby to examine an unopened bottle of wine, which

Please only typing answer

image text in transcribed
2. A researcher in a park with a lot of pedestrians invited passersby to examine an unopened bottle of wine, which the researcher stated he had just purchased at a nearby wine ship, and estimate the price the researcher had paid. Before participants actually came up with their estimates, the researcher asked them to pull a ping pong ball from a bag, keeping their eyes closed. The researcher indicated that each ball in the bag had a number between 1 and 100 written on it. However, this was not true, as all the ping pong balls had the same number. The experiment was conducted twice, on two different days, with two different groups of participants. The first group of people drew a ping pong ball with the number 10, while the second group drew a ping pong ball with the number 65. After seeing the number on the ball, the researcher asked each participant for his or her estimate of the wine's price. The first group estimated the cost to be between $10 and $30, while the second group guessed much higher, between $40 and $100. Discuss what psychological phenomenon might explain this behavior pattern. (Question 7 from Shefrin Chapter 1)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Mathematics questions