15) Jack pays $1 to enter a raffle. He was hoping to win an…
15) Jack pays $1 to enter a raffle. He was hoping to win an autographed photograph of a famous baseball player, but instead he won a red UW-Madison t-shirt. He already has about twenty red UW-Madison t-shifts and he probably wouldn’t have paid even 25 cents for another one. Jack’s friend Patrick sees that Jack is disappointed to have won the t-shirt and so the next day Patrick asks if he could buy the t-shift from Jack for $5. Jack thinks about it and says that he wouldn’t sell the t-shirt for less than $20. This scenario illustrates what decision-making issue?