Problem
1. Lots of people pay high fees to join a gym in early January, and then fail to work out more than a few times. Does this evidence provide support for or against the sunk cost bias? Explain your reasoning.
2. In a recent survey, two-thirds of respondents indicated that they were not saving enough for retirement. What behavioral bias can explain the willingness of individuals to knowingly underfund their future standard of living? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.