Due to the housing bubble. Many house are not selling for much less than their selling price just two to three years ago. There is evidence that homeowners with virtually identical houses tend to ask for more if they paid more for the house. What fallacy are they making?
Added by Jennifer J.
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In this case, the homeowners are asking for more for their houses based on how much they paid for them in the past, which is known as the sunk cost fallacy. ** Show more…
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