Behavioral Vocabulary Review

Front

A subconscious error in thinking that leads to irrational decision making

Back

Cognitive Bias

Front

Study of economics that applies psychological insights into human behavior and to explain economic decision making

Back

Behavioral Economics

Front

The tendency to search for information that supports your preconceptions and to ignore contradictory evidence.

Back

Confirmation Bias

Front

Tendance to put more value on things you already own

Back

Endowment Effect

Front

An emotional response to the belief that other people are living better, more satisfying lives or you are missing important opportunities

Back

FOMO - Fear of Missing Out

Front

Occurs when individuals adopt the beliefs, behaviors and attitudes of the majority in the group

Back

Herd Mentality

Front

Tendency people have to dislike losses more than they enjoy gains

Back

Loss Aversion

Front

The tendency people have to be more confident in their own abilities

Back

Overconfidence Bias

Front

Used to combat loss aversion by imagining that overnight something you own has been replaced by cash..keep cash or buy the item

Back

Overnight Test

Front

The use of social media platforms and websites to promote a product or service

Back

Social Media Marketing