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What is Dalton's law? Why is it important?
Behavioral Economists
Researchers who study the psychological, cognitive, emotional, cultural, and social factors that affect the economic decisions of individuals and institutions.
Endowment Effect
A cognitive bias where individuals value an owned object higher than its market value simply because they own it.
Anchoring Effect
A cognitive bias in decision-making where individuals rely too heavily on the first piece of information (the "anchor") offered when making decisions.
Behavioral Economics
A field of economics that studies the effects of psychological, social, cognitive, and emotional factors on economic decisions.
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