Examlex
Find the dimensions of a rectangular box of maximum volume such that the sum of the lengths of its 12 edges is 84 . Select the correct answer.
Time Inconsistency
The phenomenon where a person's preferences change over time, such that what is preferred in the future is inconsistent with what is preferred now, often leading to planning and decision-making challenges.
Behavioral Economists
Researchers who study the psychological, cognitive, emotional, cultural, and social factors that affect the economic decisions of individuals and institutions.
Endowment Effect
A cognitive bias where individuals value an owned object higher than its market value simply because they own it.
Anchoring Effect
A cognitive bias in decision-making where individuals rely too heavily on the first piece of information (the "anchor") offered when making decisions.
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