Behavioral Economics

8. The tendency people have to be more confident in their own abilities
10. The subfield of economics that applies psychological insights into human behavior and to explain economic decision making
11. The tendency to make decisions about a current situation based on what resources you have already invested in the situation
12. The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

1. When a person mistakenly believes they are better than others
2. The tendency to conform to the behaviors and beliefs of the people around you
3. The tendency to regard losses as considerably more important than gains of comparable magnitude
4. When a person has an exaggerated certainty that an answer is correct
5. The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence
6. A subconscious error in thinking that leads to irrational decision making
7. The tendency to put more value on things you already own
9. 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