Examlex
When the economy is in recession,does the Fed want to raise the federal funds rate so as to increase aggregate demand and increase real GDP? Explain your answer.
Recency Bias
The tendency to weigh recent events more heavily than earlier events when making decisions.
Representativeness Heuristic
The representativeness heuristic is a mental shortcut people use to classify something based on how similar it is to a typical case.
Endowment Effect
A cognitive bias that causes individuals to value an owned object higher than it would be valued if it were not owned.
Frame Dependence
Refers to the phenomenon where an individual's decision-making is influenced by the way information is presented, rather than just the information itself.
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