Category Size Bias
A cognitive bias where people judge the likelihood of an event based on the size of its category rather than its actual probability.
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“market research”
Diversification Bias
A cognitive bias where people prefer a greater variety of options when making simultaneous choices compared to sequential choices.
Discounted Utility
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones.
Repetition Blindness
A phenomenon where people fail to recognize a repeated item in a visual sequence, impacting information processing and perception.
MINDSPACE
Messenger, Incentives, Norms, Defaults, Salience, Priming, Affect, Commitment, and Ego (MINDSPACE) is a framework used to understand and influence behavior.
Confidence Interval
A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter.
Behavioral Insights
Practical applications of behavioral science to understand and influence human behavior in various contexts.
Mental Accounting
A behavioral economics concept where people categorize and treat money differently depending on its source or intended use.
Prospect Theory
A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known.