A Recent Willingness-To-Pay Survey Asked Respondents to Value the Waters

Multiple Choice

A recent willingness-to-pay survey asked respondents to value the waters of Salem Sound. The respondents were asked what they would be willing to pay to help protect the water. They were given the following choices: $10, $40, $100, $300, $650, $1,000, $3,000, $10,000 or fill in a value for some other amount. The type of behavioral bias will be captured by this question is _____.

A) sunk cost fallacy
B) time inconsistency
C) falling prey to framing effects, particularly anchoring
D) overconfidence