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Chapter 19
Behavioral economics explores how real-world decision-making is influenced by various psychological factors. Adding such factors into the decision-making ...
Biases are systematic patterns of thinking that lead to errors in judgment, often driven by emotions, instincts, or incomplete information rather than ...
Biases such as loss aversion, anchoring bias, and herd behavior significantly affect how people make decisions in everyday situations, often steering them ...
People make countless decisions daily, from selecting meals to tackling work issues. These decisions are made within the constraints of bounded ...
Every day, people make countless decisions, from choosing a meal to approaching a work problem. Individuals are unable to make perfect decisions due to ...
The representativeness heuristic makes people judge likelihoods based on similarity to a stereotype rather than actual data. This can lead to base rate ...
The anchoring heuristic is a cognitive bias in which decisions are strongly influenced by the first piece of information encountered, even if it is ...
Prospect theory describes how individuals assess gains and losses, revealing that they exhibit loss aversion by placing a greater emphasis on potential ...
The isolation effect is integral to prospect theory, which describes how individuals make decisions. It highlights a tendency to concentrate on what ...
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