Examlex
Setting different prices for products and depending on individual buyers and purchase situations is referred to as
Prospect Theory
An economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are uncertain.
Framing Effect
The impact on decision making caused by the way information is presented, where different presentations of the same information can lead to different decisions.
Faulty Decisions
Choices made based on incorrect assumptions or incomplete information, leading to suboptimal outcomes.
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