A man goes to a nearby convenience store every Saturday and buys a $10 lotto ticket. When asked why he does this, he says that his cousin won the jackpot a couple of years ago and now lives in a mansion, so he thinks he can win as well. Which reasoning bias does this behavior illustrate, and why (6 points)?
The more losing tickets this man buys, the more convinced he becomes that the next one will be a winner. Which reasoning fallacy does this behavior illustrate, and why (6 points)?
A friend accompanies this man to the store one Saturday and offers to buy him one lotto ticket that day or, if the man can hold off another week, two tickets the next Saturday. The man takes the one ticket that he can get right then and there. Which reasoning phenomenon does this behavior illustrate, and why (6 points)?
Please provide one example from your own life of any of the three phenomena above (choose just one phenomenon), explaining how your behavior fits with the general phenomenon we discussed in class (2 points).
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