Questions
What is the term for the tendency of people to overvalue items they already own?
- Sunk cost fallacy
- Confirmation bias
- Framing effect
- Endowment effect
What is the term for the tendency of people to be more likely to take a risk when they are presented with a sure gain, compared to when they are presented with a sure loss?
- Prospect theory
- Risk aversion
- Ambiguity aversion
- Loss aversion
What is the term for the tendency of people to be more likely to choose an option that is presented as a default, compared to an option that is not presented as a default?
- Default effect
- Framing effect
- Anchoring effect
- Confirmation bias
What is the term for the tendency of people to be more likely to remember information that is presented at the beginning or end of a list, compared to information that is presented in the middle of a list?
- Serial position effect
- Von Restorff effect
- Availability heuristic
- Representative heuristic
What is the term for the tendency of people to be more likely to believe information that is presented in a vivid or emotional manner, compared to information that is presented in a more neutral manner?
- Availability heuristic
- Representative heuristic
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a sure thing, compared to an option that is presented as a risky option, even if the risky option has a higher expected value?
- Risk aversion
- Ambiguity aversion
- Loss aversion
- Prospect theory
What is the term for the tendency of people to be more likely to choose an option that is presented as a gain, compared to an option that is presented as a loss, even if the loss option has a higher expected value?
- Loss aversion
- Prospect theory
- Risk aversion
- Ambiguity aversion
What is the term for the tendency of people to be more likely to believe information that is presented by an authority figure, compared to information that is presented by a non-authority figure?
- Authority bias
- Confirmation bias
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a social norm, compared to an option that is not presented as a social norm?
- Social proof
- Conformity bias
- Herding bias
- Bandwagon effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a scarce resource, compared to an option that is presented as a plentiful resource?
- Scarcity bias
- FOMO (Fear of Missing Out)
- Urgency bias
- Limited time offer
What is the term for the tendency of people to be more likely to choose an option that is presented as a personalized or customized option, compared to an option that is not presented as a personalized or customized option?
- Personalization bias
- Confirmation bias
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a complex or sophisticated option, compared to an option that is presented as a simple or straightforward option?
- Complexity bias
- Confirmation bias
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a positive or optimistic option, compared to an option that is presented as a negative or pessimistic option?
- Positivity bias
- Confirmation bias
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a familiar or well-known option, compared to an option that is presented as an unfamiliar or unknown option?
- Familiarity bias
- Confirmation bias
- Framing effect
- Anchoring effect
What is the term for the tendency of people to be more likely to choose an option that is presented as a default option, compared to an option that is not presented as a default option?
- Default effect
- Confirmation bias
- Framing effect
- Anchoring effect