QUESTION 14 Note: No referencing is required for short answer questions. Without urgent repairs, the iconic Sydney Opera

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Question 14 Note No Referencing Is Required For Short Answer Questions Without Urgent Repairs The Iconic Sydney Opera 1 (128.32 KiB) Viewed 43 times

QUESTION 14 Note: No referencing is required for short answer questions. Without urgent repairs, the iconic Sydney Opera House will collapse. Sydneysiders were asked two questions in a survey. Question 1: What is the maximum amount you would be willing to pay to prevent the collapse of the Sydney Opera House? The survey result was $500 per person (on average). 5 points Save Answer Question 2: If the Sydney Opera House were to collapse, what is the minimum compensation you would accept for the loss of this building? The survey result was $200 per person (on average). Are the people answering this survey thinking rationally (from a neoclassical economist's perspective)? Why? How might a behavioural economist explain the differences in their responses?