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Personal Econ

personal econ

TermDefinition
Behavioral Economics The subfield of economics that applies psychological insights into human behavior and to explain economic decision making.
Cognitive Bias A subconscious error in thinking that leads to irrational decision making.
Endowment effect The tendency to put more value on things you already own.
Hedonic adaptation The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event.
Herd Mentality The tendency to conform to the behaviors and beliefs of the people around you.
Loss Aversion The tendency to regard losses as considerably more important than gains of comparable magnitude.
Overconfidence Bias The tendency people have to be more confident in their own abilities.
Overstimulation When a person believes they are better at something than they actually are
Over placement When a person mistakenly believes they are better than others.
Overprecision When a person has an exaggerated certainty that an answer is correct.
Confirmation bias The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.
Fomo The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.
Overnight test A strategy used to combat loss aversion by imagining that overnight something you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back.
Social Media Marketing The use of social media platforms and websites to promote a product or service.
Sunk costs Costs that have already been incurred and cannot be recovered.
Sunk Cost fallacy The tendency to make decisions about a current situation based on what resources you have already invested in the situation.
Created by: gmleahy23
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