Examlex
Both classical and operant conditioning are forms of
Anchoring
A cognitive bias in decision-making where individuals rely too heavily on an initial piece of information (the "anchor") when making judgments.
Minimum Payments
The smallest amount of a debt that must be paid each period, often used in the context of credit card debt or loans to avoid penalties.
Endowment Effect
A cognitive bias where people ascribe more value to things merely because they own them.
Gains
The increase in economic benefit, which can be measured in terms of profit, utility, or welfare, resulting from an action or transaction.
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