Examlex
Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
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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.
Status Quo Bias
A cognitive bias that explains individuals' preference for current circumstances to remain unchanged or for decisions to be made that do not alter the current state.
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