If Several Approaches Are Used to Address a Research Problem

question 51

True/False

If several approaches are used to address a research problem and each approach has a different kind of bias, the result of the research will be biased by the sum of the individual biases.In practice, this means reduced accuracy.

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Definitions:

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.