is the selfless concern for the well-being of others. -
is a cognitive bias where individuals rely heavily on an initial piece of information, even if it is irrelevant or arbitrary, when making subsequent decisions. -
is a cognitive bias where individuals overestimate the importance or likelihood of events or information that is readily available in their memory. -
is a field of study that combines economics and psychology to understand how individuals make decisions. -
is a concept in behavioural economics that recognizes that individuals do not always make purely rational decisions. -
refers to the idea that individuals may struggle to exhibit perfect self-control, as assumed by Homo economicus. -
refers to the design and presentation of choices to influence decision-making. -
is the option that is selected when a consumer does nothing or fails to make an active choice. -
refers to how decisions are influenced by the way information is presented or framed. -
is a concept in traditional economics that assumes individuals are rational, exercise self-control, and act with complete self-interest.
