Examlex
In an equipment replacement decision, the cost of the old equipment is a(n)
Projection Bias
The inclination to believe other people think, feel, and act the same way we do.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate solution, rather than the optimal one.
Complete Rationality
The assumption in economic theories and models that decision-makers possess complete information, unlimited cognitive abilities, and can optimize their utility.
Anchoring And Adjustment
A cognitive bias where an individual relies too heavily on an initial piece of information (the "anchor") when making decisions, with subsequent adjustments made around this anchor.
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