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A doctor calls the nursing unit with orders for a patient who is to be admitted.The doctor tells the nurse that the patient is a "VIP" and should be treated as such.The doctor's statement is demonstrating:
Over-Optimism
A bias where individuals or companies have excessively positive expectations about future events or outcomes.
Confirmation Bias
The inclination to seek out, comprehend, prefer, and remember information that validates one’s already held beliefs or theories.
Regret Aversion
A behavioral finance concept describing an individual's tendency to make decisions that minimize the potential for future regret.
Frame Dependence
A concept in behavioral finance where investors' decisions are influenced by the way information is presented to them, rather than just the information itself.
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