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Randomness Error
The tendency for people to believe they can predict the outcome of chance events based on false information or superstition.
Projection Bias
The inclination to believe other people think, feel, and act the same way we do.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate solution, rather than the optimal one.
Complete Rationality
The assumption in economic theories and models that decision-makers possess complete information, unlimited cognitive abilities, and can optimize their utility.
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