For the following scenario, please select the phenomena that best describes the scenario. Our economics department...

For the following scenario, please select the phenomena that best describes the scenario.

Our economics department is looking to hire a new lecturer this year. After the initial interviews, we have two outstanding candidates: Dr. X and Dr. Y. Dr. X's field of expertise is on Macroeconmics, while Dr. Y does Microeconomics with a particular focus on behavioral economics. Everyone in the department agrees that Dr. Y is the more accomplished economists by the number of high quality papers published. However, the senior hiring committee decided to make an offer to Dr. X, because the department used to have a particularly talented lecturer in Macro.

Select one:

a. Loss aversion.

b. Decoy effect.

c. Sunk cost fallacy.

d. Failure to consider opportunity cost.

e. Anchoring effect.

Solutions

Expert Solution

Rahul Sunny answered 1 year ago

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