Question

Elsa purchased outdoor concert tickets about two months ago. Today is the concert, but it is raining out, meaning Elsa would have to purchase rain gear if she still wants to go. Why is Elsa still likely to be persuaded to attend the concert?

Answer 1

Sunk cost

Step-by-step explanation:

The cost that is invested and cannot be recovered is known as the sunk cost. This influences the behavior of a person

Elsa purchased a ticket to a concert but it turns out that at the day of the concert there is rainfall. The cost of the ticket cannot be recovered. It does not matter whether it is raining or not. If she does not go to the concert that money will be lost. She would spend more money in order to attend the concert by buying rain gear.

Hence, the reason why Elsa would be motivated to go is sunk cost.