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”
Certainty Effect
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable.
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.
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.
Chaos Theory
The study of dynamic systems that are highly sensitive to initial conditions, leading to unpredictable behavior.
System One
A mode of thinking, derived from Dual Process Theory, that is fast, automatic, and intuitive, often relying on heuristics and immediate impressions.
Framing
The way information is presented to users, which can significantly influence their decisions and perceptions.