Behavioral Economists Draw on Insights from ________ to Explore How

question 88

Multiple Choice

Behavioral economists draw on insights from ________ to explore how people behave in economic settings.

• A) experimental psychology
• B) experimental biology
• C) evolutionary biology
• D) astrology
• E) theoretical physics

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Definitions:

Decision Trap

A situation in decision-making where biases, poor information, or pressure leads to a significant or systematic error.

Framing Error

A cognitive bias in decision-making that occurs when information is presented in a way that influences an individual's interpretation or decision.

Escalation Of Commitment

This refers to the phenomenon where individuals or organizations continue to invest time, money, or resources into a failing course of action due to the substantial resources already invested, rather than altering or abandoning the course.

Problem No Longer Exists

A situation where previously identified issues have been resolved or are no longer relevant.