Examlex
High-contact services differ greatly from low-contact services. Give two examples of each.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses, often leading to statistical errors.
Affect Heuristic
A mental shortcut used in decision making and judgement that involves relying on emotions and feelings.
Regret Aversion
A theory in behavioral economics that describes the emotional reaction people experience after realizing they have made an error in judgment, leading them to avoid making decisions.
Money Illusion
Money illusion is a cognitive bias where people misjudge the value of money in terms of its purchasing power, typically neglecting the effects of inflation or deflation.
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