Game Theory
A mathematical framework used to analyze strategic interactions where the outcomes depend on the actions of multiple decision-makers.
127 topics found for
“behavioral economics”
Anchoring
Anchoring (also known as Focalism) is a cognitive bias where individuals rely heavily on the first piece of information (the "anchor") when making decisions.
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.
Certainty Effect
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable.
Focusing Effect
A cognitive bias where people place too much importance on one aspect of an event, causing errors in judgment.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.
Availability Bias
A cognitive bias where people overestimate the importance of information that is readily available.
Cold States
Emotional states where individuals are calm and rational, often contrasted with hot states where emotions run high.
IKEA Effect
The tendency for people to value products more highly if they have put effort into assembling them.