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January 16, 2021

Would you pay $20 for another ticket for the concert?

The Framing Effect and Background Information

Try the following two problems:

Problem 1

Imagine that you decided to see a concert, and you paid $20 for the admission price of one ticket. You are about to enter the theater, when you discover that you cannot find your ticket. The theater doesn’t keep a record of ticket purchases, so you cannot simply get another ticket. You have $60 in your wallet.

Would you pay $20 for another ticket for the concert?

Problem 2

Imagine that you decided to buy a ticket for a concert; the ticket will cost $20.

You go to the theater box office. Then you open your wallet and discover that a $20 bill is missing. (Fortunately, you still have $40 left in your wallet.) Would you pay $20 for a ticket for the concert?

Accounting

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