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Explain the concept of a stakeholder and list five common stakeholders.
Behavioral Economists
Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions of individuals and institutions.
Availability Heuristic
A cognitive bias where people make judgments about the likelihood of an event based on how easily examples come to mind.
Endowment Effect
A cognitive bias where individuals value an owned object higher than a similar object they do not own, often affecting decision-making and market outcomes.
Framing Effects
Framing effects are cognitive biases where an individual's choice is influenced by the way information is presented, rather than just the information itself.
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