Planning Fallacy
A cognitive bias where individuals underestimate the time, costs, and risks of future actions while overestimating the benefits.
98 topics found for
“economic psychology”
Fast and Frugal Heuristics
Decision-making strategies that use simple heuristics to make quick, efficient, and satisfactory choices with limited information.
Familiarity Bias
A cognitive bias where people prefer familiar things over unfamiliar ones, even if the unfamiliar options are objectively better.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Ostrich Effect
A cognitive bias where people avoid negative information or situations, preferring to remain uninformed or ignore problems.
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.
Behavioral Insights Team
An organization that applies behavioral science to policy and practice to improve public services and outcomes.
IKEA Effect
The tendency for people to value products more highly if they have put effort into assembling them.