Extension Neglect
A cognitive bias where people ignore the relevance of sample size in making judgments, often leading to erroneous conclusions.
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“economic impact”
Decision Utility
The value or satisfaction derived from a decision, influencing the choices people make.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Cold States
Emotional states where individuals are calm and rational, often contrasted with hot states where emotions run high.
Overconfidence Effect
A cognitive bias where a person's subjective confidence in their judgments is greater than their objective accuracy.
Overchoice
The phenomenon where having too many options leads to decision-making paralysis and decreased satisfaction.
Moral Suasion
The act of persuading individuals or organizations to act in a certain way based on moral arguments or appeals.
LTV
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship.
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.