Examlex
Distinguish between reliability and validity in psychological testing.
Mental Accounting
A concept in behavioral economics where individuals categorize and treat money differently depending on its source, intended use, or other psychological factors.
Irrational Behavior
Actions or decisions that do not logically follow from a rational analysis of the situation.
Misperception
A misunderstanding or incorrect interpretation of a situation, often leading to erroneous decisions or beliefs.
Opportunity Costs
The price paid for not choosing the second-best option available when deciding.
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