Examlex
Consensus occurs when the majority of group members agree to support a decision or action..
Status Quo Bias
The tendency for people to prefer things to stay the same by doing nothing or sticking with a decision made previously.
Prospect Theory
A psychological theory that describes how people make decisions based on the potential value of losses and gains rather than the final outcome.
Endowment Effect
A psychological phenomenon where people ascribe more value to things merely because they own them.
Prospect Theory
A behavioral economic theory that describes how people make decisions under conditions of risk and uncertainty, prioritizing losses differently from gains.
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