Chaos Theory
The study of dynamic systems that are highly sensitive to initial conditions, leading to unpredictable behavior.
127 topics found for
“behavioral economics”
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.
Base Rate Fallacy
A cognitive bias where people ignore general statistical information in favor of specific information.
Impact Bias
The tendency to overestimate the duration or intensity of the emotional impact of future events.
Chivas Regal Effect
The phenomenon where higher-priced products are perceived to be of higher quality, regardless of the actual quality.
Mid-Tier Value
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users.
LTV
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship.
Worse-Than-Average Effect
A cognitive bias where individuals underestimate their own abilities and performance relative to others, believing they are worse than average.