Reference Dependence
A cognitive bias where individuals evaluate outcomes relative to a reference point rather than on an absolute scale.
98 topics found for
“economic psychology”
Impact Bias
The tendency to overestimate the duration or intensity of the emotional impact of future events.
Hyperbolic Discounting
A cognitive bias where people disproportionately prefer smaller, immediate rewards over larger, later rewards.
Authority Principle
A principle that suggests people are more likely to comply with requests or follow suggestions from authority figures.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Endowment Effect
A cognitive bias where people ascribe more value to things merely because they own them.
Status Quo Bias
A cognitive bias that leads individuals to prefer things to remain the same rather than change, often resisting new options or changes.
Cold States
Emotional states where individuals are calm and rational, often contrasted with hot states where emotions run high.
Representativeness
Representativeness is a heuristic in decision-making where individuals judge the probability of an event based on how much it resembles a typical case.