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TermDefinition
Loss Aversion The tendency to regard losses as considerably more important than gains of comparable magnitude
Endowment Effect The tendency to put more value on things you already own
Sunk Cost The tendency to make decisions about a current situation based on what resources you have already invested in the situation
Herd Mentality The tendency to conform to the behaviors and beliefs of the people around you
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
Transaction Utility The amount of mental pleasure or pain you get from feeling like you paid less or more than something is worth
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
Confirmation bias The tendency to search for information that supports our preconceptions/beliefs
Mental Accounting The tendency to separate money into imaginary categories in your mind
Overconfidence The tendency people have to be more confident in their own abilities
Cognitive Bias* An error in the way we think that can influence our decisions
Behavioral Economics* Combines economics and psychology to study why people behave the way they do.
Created by: reebrueggeman
 

 



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