Prospect Theory Explains the Status-Quo Bias as a Combination of Loss

question 149

Multiple Choice

Prospect theory explains the status-quo bias as a combination of loss aversion and the

• A)anchoring effect.
• B)mental accounting effect.
• C)endowment effect.
• D)confirmation bias.

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Definitions:

Economic Homeless

Individuals or families who lack stable housing due to financial hardships, making them unable to afford regular and adequate shelter.

Mental Illness

A wide range of mental health conditions that affect mood, thinking, and behavior, potentially interfering with daily functioning.

Absolute Poverty

A condition characterized by the severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information.

Nonstandard Work Hours

Working hours that fall outside the traditional 9-to-5, Monday-to-Friday schedule, often including evenings, nights, or weekends.