Examlex
Which form of will is NOT made in writing?
Self-Control Problems
Refers to the difficulty people have in sticking with earlier plans and avoiding suboptimal decisions when finally confronted with a particular decision-making situation. A manifestation of time inconsistency and potentially avoidable by using precommitments.
Time Inconsistency
The tendency of people to change their plans about future actions due to a preference for immediate gratification over future reward.
Cognitive Bias
A systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.
Behavioral Economics
An area within economics analyzing how various psychological, emotional, cognitive, cultural, and social elements affect the decision-making processes in economics of both individuals and organizations.
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