AS - Level Economics Flashcards on Behavioural Economics, created by Tara Pugal on 07/07/2016.
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Created by Tara Pugal
almost 8 years ago
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Close
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Created by Tara Pugal
almost 8 years ago
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Bounded Rationality
Limits of bounded rationality (4)
Bounded self-control
What cause biases in decision making? (4)
Rules of thumb (heuristics)
Anchoring
Availability bias
Social norms
Altruism
Choice architecture
Framing
Nudges
Default choice
Describe decision making system 1
Describe decision making system 2
Herd behaviour
Partitioning
Restricted choice
Mandated choice
Zero-price effect
Confirmation bias
Curse of knowledge
Endowment effect
IKEA effect
Planning fallacy
Zero-risk bias
