Well-off people get this wrong. They are much more likely to say $20. Many of them would even choose a third option: $0 because the ticket is already paid for. You can see why it feels this way to the well off. When you have slack, arguably $0 (or $20 because that’s something you can anchor on) feels “right.” With slack, you are not giving up anything to go—selling that ticket really wouldn’t buy you anything you wouldn’t already buy. In contrast, the poor have a clear idea of what they could do with $75. As a result, we find that the poor are much more likely to report that it feels as if the
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