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What is the difference between a hypothesis and a theory?
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.
Dictator Game
A mutually anonymous behavioral economics game in which one person (“the dictator”) unilaterally determines how to split an amount of money with the second player.
Ultimatum Game
A behavioral economics game in which a mutually anonymous pair of players interact to determine how an amount of money is to be split. The first player suggests a division. The second player either accepts that proposal (in which case the split is made accordingly) or rejects it (in which case neither player gets anything).
Neoclassical Economics
A method in economics that concentrates on how supply and demand determine the distribution of goods, outputs, and incomes within various markets.
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