Winner’s Curse
A phenomenon where the winner of an auction tends to overpay due to emotional competition, leading to a less favorable outcome than anticipated.
119 topics found for
“decision-making biases”
Prospect Theory
A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known.
HITL
Human in the Loop (HITL) integrates human judgment into the decision-making process of AI systems.
Observer Bias
A type of bias that occurs when the observer's expectations or beliefs influence their interpretation of what they are observing, including experimental outcomes.
Behavioral Finance
The study of how psychological influences affect financial behaviors and decision-making.
Behavioral Game Theory
The study of strategic decision making, incorporating psychological insights into traditional game theory models.
Selection Bias
A bias that occurs when the sample chosen for a study or survey is not representative of the population being studied, affecting the validity of the results.
XAI
Explainable AI (XAI) are AI systems that provide clear and understandable explanations for their decisions and actions.
Denomination Effect
A cognitive bias where people are less likely to spend large denominations of money compared to an equivalent amount in smaller denominations.