The Belief That Something Must Be of Superior Value Because

question 93

True/False

The belief that something must be of superior value because we own it, is known as the endowment effect.

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Definitions:

Fundamental Attribution Error

The bias of overattributing behaviors of others to their personal characteristics, while underestimating situational factors.

Perceptual Distraction

A phenomenon where the focus of attention is diverted due to irrelevant stimuli in the environment, affecting cognitive processes.

Self-serving Bias

The common tendency to credit ourselves for our successes (attributing them to internal factors) while attributing our failures to external factors.

Stereotyping Bias

The preconceived and oversimplified beliefs or ideas about particular groups of people, which can influence judgments and decisions unconsciously.