Behavioral Economics Vocabulary

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Across
  1. 3. you go through a positive or negative experience or event
  2. 7. When a person believes they are better at something than they actually
  3. 8. Media Marketing The use of social media platforms and websites to promote a product
  4. 10. Bias A subconscious error in thinking that leads to irrational decision
  5. 13. Bias The tendency people have to be more confident in their own abilities
  6. 16. When a person mistakenly believes they are better than others
  7. 19. Cost Fallacy The tendency to make decisions about a current situation based on
  8. 20. behavior and to explain economic decision making
  9. 22. you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back
  10. 24. (Fear of Missing Out) 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
Down
  1. 1. Test A strategy used to combat loss aversion by imagining that overnight
  2. 2. Economics The subfield of economics that applies psychological insights into
  3. 4. of comparable magnitude
  4. 5. resources you have already invested in the situation
  5. 6. and to ignore or distort contradictory evidence
  6. 9. Adaptation The tendency to return to a baseline level of happiness regardless of
  7. 11. service
  8. 12. When a person has an exaggerated certainty that an answer is correct
  9. 14. Effect The tendency to put more value on things you already own
  10. 15. you
  11. 17. Aversion The tendency to regard losses as considerably more important than
  12. 18. Bias The tendency to search for information that supports our
  13. 21. Costs Costs that have already been incurred and cannot be recovered
  14. 23. Mentality The tendency to conform to the behaviors and beliefs of the people