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For Antonio, the income effect of an interest-rate increase is stronger than the substitution effect. In response to a higher interest rate, will Antonio save more or will he save less?
Psychological Dimensions
Refers to the different aspects or facets of psychology that characterize or influence human behavior and mental processes.
The Collective
Refers to a group or assembly of individuals considered as a whole, often within a social or cultural context.
Universal
Relating to or affecting all people or things in the world or in a particular group; applicable everywhere or in all cases.
Cognitive Appraisal Theory
A psychological theory that explains how individuals evaluate and interpret different situations and stressors, leading to various emotional and behavioral responses based on their assessments.
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