MINDSPACE
Messenger, Incentives, Norms, Defaults, Salience, Priming, Affect, Commitment, and Ego (MINDSPACE) is a framework used to understand and influence behavior.
98 topics found for
“economic psychology”
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Availability Bias
A cognitive bias where people overestimate the importance of information that is readily available.
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.
Focusing Effect
A cognitive bias where people place too much importance on one aspect of an event, causing errors in judgment.
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.
Worse-Than-Average Effect
A cognitive bias where individuals underestimate their own abilities and performance relative to others, believing they are worse than average.
Denomination Effect
A cognitive bias where people are less likely to spend large denominations of money compared to an equivalent amount in smaller denominations.
Incentive Theory
A theory of motivation that explains behavior as driven by a desire for rewards or incentives.