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During the Reconstruction period
Time Inconsistency
The tendency of certain conditions or decisions to change over time, especially in the context of economic planning and policy-making.
Prospect Theory
A behavioral economics theory of preferences having three main features: (1) people evaluate options on the basis of whether they generate gains or losses relative to the status quo; (2) gains are subject to diminishing marginal utility, while losses are subject to diminishing marginal disutility; and (3) people are prone to loss aversion.
Behavioral Economists
Economists who study how psychological, social, cognitive, and emotional factors affect economic decisions and market outcomes.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.
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