Eli Purchased Stock in XYC, Inc

Multiple Choice

Eli purchased stock in XYC, Inc. at $31 a share, but the stock is now worth only $19 a share. Eli believes that XYC's stock will underperform the average stock market return going forward. However, Eli won't sell his stock until it reaches at least $31. Eli's decision making is:

A) biased by sunk costs.
B) economically rational.
C) biased by self-control problems.
D) the result of hyperbolic discounting.