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What fallacy is mr chan committing

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Mr. Chan bought a 900 square foot flat in Whampoa Garden for $12 million three years ago. Because of a downturn in the HK property market, similar flats are currently selling at $10 million. Mr. Chan has decided to sell his flat but insists on getting a price of $12 million because that is the price he paid for it. What fallacy is Mr. Chan committing, and why is his behavior irrational?

Reference no: EM132421827

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