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Behavioral Economics
A field of economics that studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.
Overconfidence Effect
The bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.
Behavioral Economics
An area of economic research that examines the psychological and social factors influencing the economic decisions of individuals and institutions.
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