Examlex
What is money? Explain three functions that money performs.
Anchoring
A cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered when making decisions.
Time Inconsistency
The human tendency to systematically misjudge at the present time what will actually end up being desired at a future time.
Precommitments
Strategic decisions or investments made in advance to lock in certain behaviors, goals, or outcomes.
Time Inconsistency
A situation where a decision-maker's preferences change over time, often leading to a conflict between long-term goals and short-term gratification.
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