WorksheetsBehavioral Economics Concepts
Total questions: 16
Worksheet time: 8hrs 31mins
loss aversion
the tendency to regard losses as considerably more important than gains of comparable magnitude
when a person believes they are better at something than they actually are
the use of social media plat forms and websites to promote a product or service
overestimation
the tendency to put more value on things you already own
when a person believes they are better at something than they actually are
the subconscious error in thinking that leads to irrational decision making
endowment effect
The use of social media plat forms and websites to promote a product or service
The tendency to conform to the behaviors around you
The tendency to put more value on things you already own
social media marketing
The use of social media platforms and website to promote a product or service
costs that have already been incurred and cannot be recovered
The tendency people have to be more confident in their own abilities
behavioral economics
The subfield of of economics that applies psychological insights into human behavior and to explain economic decision making
costs that have already been incurred and cannot be recovered
the tendency people have to be mor confident in their own abilities
over confidence bias
The tendency people have to be more confident in their own abilities
the costs that have been incurred and cannot be recovered
when a person has and exaggerated certainty an answer is correct
over precision
When a person has and exaggerated certainty an answer is correct
when a person mistakenly believes they are better than others
a subconscious error in thinking that leads to irrational decision making
cognitive bias
A subconscious error in thinking that leads to irrational decision making
the tendency to regard losses
when a person believes they are better at something than they actually are
herd mentality
The tendency to conform to the behavior and beliefs of the people around you
when a person mistakenly believes they are better than others
costs that have already been incurred and cannot be recovered
sunk costs
costs that have already been incurred and cannot be recovered
when a person mistakenly believes they are better than others
the tendency to return
over placement
When a person mistakenly believes they are better than others
the tendency to regard losses as considerably mor important than gains of comparable magnitude
when a person believes they are better at some thing than they actually are
overnight test
A strategy used to combat loss aversion by imagining that overnight something you own has been replaced with cash then determining whether you would prefer to keep the cash or buy the item back
when a person believes they are better at something than they actually are
the tendency to put more value on things you already own
confirmation bias
The tendency to search for information that supports our perception and to ignore or distort contradictory evidence
the tendency to put more value on things you already own
sunk cost fallacy
The tendency to make decision based on what resources you have already invested in the situation
when a person believes they are better at something than they actually are
hedonic adaptation
The tendency to return to a base line level of happiness regardless of whether you go through a positive or negative experience or event
The use of social media plat forms and websites to promote a product or service
Fomo ( Fear of missing out)
The tendency to feel anxiety/fear that an exiting or interesting event may currently be happening else where, often aroused by posts seen on a social media website
The tendency to put more value on things you already own
