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A Residence Assistant (RA) at a local university devised a plan to spot check the dorm for illegal drinking by knocking on every 5ᵗʰ door on each floor.What technique was the RA using?
Endowment Effect
Tendency of individuals to value an item more when they own it than when they do not.
Reference Point
A basis or standard for evaluation, comparison, or judgment.
Original Endowment
The initial allocation of income, wealth, resources, or goods that an individual or economy possesses before engaging in trade or production activities.
Behavioral Economics
A field of study blending economics and psychology to explore how people make decisions, often deviating from rationality.
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