Examlex
When a perfectly competitive industry is taken over by a monopoly,some consumer surplus is transferred to the monopolist in the form of
Endowment Effect
The tendency people have to place higher valuations on items they possess (are endowed with) than on identical items that they do not possess; perhaps caused by loss aversion.
Time Inconsistency
The tendency of certain conditions or decisions to change over time, especially in the context of economic planning and policy-making.
Prospect Theory
A behavioral economics theory of preferences having three main features: (1) people evaluate options on the basis of whether they generate gains or losses relative to the status quo; (2) gains are subject to diminishing marginal utility, while losses are subject to diminishing marginal disutility; and (3) people are prone to loss aversion.
Behavioral Economists
Economists who study how psychological, social, cognitive, and emotional factors affect economic decisions and market outcomes.
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