1. I think you have to consider this for what you think it is worth.
2. It sickened her to think of this for what it was.
(I found 1 and 2 sentences on Google, and in the original sentences, I changed "it" to "this" to make this question simple)
Q1) Are both sentences correct?
Q2) Is "what" referring to "this" in both sentences?
I do think that both sentences are correct and "this" is referring to "what" because by doing so, both sentences make sense.
[1] I think you have to consider this for what you think it is worth . [2] It sickened her to think of this for what it was . No, "what" does not refer to "this": "it" does.
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[1] I think you have to consider this for what you think it is worth.
[2] It sickened her to think of this for what it was.
No, "what" does not refer to "this": "it" does.
These are both 'fused' relative constructions where the underlined elements are noun phrases in which the relative word "what" functions s