Behavioral Economics
The study of psychology as it relates to the economic decision-making processes of individuals and institutions.
56 topics found for
“economic impact”
Negativity Effect
The tendency for negative information to have a greater impact on one's psychological state and processes than neutral or positive information.
CoD
Cost of Delay (CoD) is a metric that quantifies the economic impact of delaying a project, feature, or task.
Pain Of Paying
The psychological discomfort experienced when parting with money, influenced by the payment method and context.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Sunk Cost Fallacy
The tendency for individuals to continue a behavior or endeavor as a result of previously invested resources (time, money, or effort) rather than future potential benefits.
PESTEL Analysis
A strategic framework used to analyze the external macro-environmental factors affecting an organization: Political, Economic, Social, Technological, Environmental, and Legal.
Peak End Rule
A cognitive bias where people judge an experience largely based on how they felt at its peak (most intense point) and its end, rather than the total sum of the experience.
80/20 Rule
A principle stating that 80% of effects come from 20% of causes, often used to prioritize tasks and identify key areas of focus.