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Is the data point, P, an outlier, an influential point, both, or neither?
-The regression equation for a set of paired data is . The correlation coefficient for the data is . A new data point, , is added to the set.
Hedonic Treadmill
The theory that individuals remain at a relatively stable level of happiness despite changes in their lives, such as increases in income or consumption.
Ultimatum Game
The ultimatum game is a game theory experiment where one participant offers how to divide a sum of money with another, who then can accept or reject the offer.
Framing Effects
The influence on an individual's decision made by the way information is presented, rather than just the information itself.
Wage Increase
An adjustment upward in the wage rate, resulting in employees receiving more compensation for their work.
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