Mike pays $1 to enter a raffle. He was hoping to win an auto…

Mike pаys $1 tо enter а rаffle. He was hоping tо win an autographed photograph of a famous baseball player, but instead he won a red UW-Madison t-shirt.  He already has about twenty red UW-Madison t-shirts and he probably wouldn’t have paid even 25 cents for another one. Mike’s friend Patrick sees that Mike is disappointed to have won the t-shirt and so the next day Patrick asks if he could buy the t-shift from Mike for $5. Mike thinks about it and says that he wouldn’t sell the t-shirt for less than $20.   This scenario illustrates what decision-making error?