Examlex
One property of the central executive mechanism proposed by Baddeley and Hitch is that
Mental Accounting
A concept within behavioral economics that refers to the way individuals categorize, separate, and evaluate financial activities, often leading to irrational decision-making.
Irrational Decisions
Choices made contrary to or without consideration of the available evidence or logic.
Anchoring
A cognitive bias where an individual relies too heavily on an initial piece of information (the "anchor") to make subsequent judgments.
Behavioral Economists
Researchers and experts who study the psychological, social, cognitive, and emotional factors influencing economic decisions and behaviors of individuals and institutions.
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