Examlex
Technician A says all components of the oil delivery circuit in an automatic transmission must be inspected for debris during a transmission rebuild. Technician B says that this is not necessary since all debris would be captured by the transmission filter. Who is correct?
Regret Aversion
A theory in behavioral economics that describes the emotional reaction people experience after realizing they have made an error in judgment, leading them to avoid making decisions.
Money Illusion
Money illusion is a cognitive bias where people misjudge the value of money in terms of its purchasing power, typically neglecting the effects of inflation or deflation.
Representativeness Heuristic
A cognitive bias in decision-making where the likelihood of an event is estimated based on how similar it is to the typical case.
Narrow Framing
Making decisions without considering all implications or by overly focusing on a narrow set of factors.
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