Examlex
The act of a court to combine two or more separate lawsuits into one lawsuit is termed as ________.
Prospect Theory
Prospect Theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are unknown.
Status Quo Bias
The tendency most people have when making choices to select any option that is presented as the default (status quo) option. Explainable by prospect theory and loss aversion.
Behavioral Economics
A field of economics that examines how psychological, cognitive, emotional, cultural, and social factors affect economic decisions.
Utility
A measure of satisfaction or happiness that a consumer derives from consuming goods or services.
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