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Countersignaling or countersignalling is the behavior in which agents with the highest level of a given property invest less into proving it than individuals with a medium level of the same property.
Counterfactual thinking is a concept in psychology that involves the human tendency to create possible alternatives to life events that have already occurred; something that is contrary to what actually happened.
Some researchers include a metacognitive component in their definition. In this view, the Dunning–Kruger effect is the thesis that those who are incompetent in a given area tend to be ignorant of their incompetence, i.e., they lack the metacognitive ability to become aware of their incompetence.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Due to cognitive bias in human behavior, some people are drawn to assets whose price they see increasing, however irrational it might be. [5] This effect is often further exacerbated by herd mentality, whereby people hear stories of others who bought in early and made big profits, causing those who did not buy to feel a fear of missing out.
For example, producing a quote based on a manager's preferences, or, negotiating a house purchase price from the starting amount suggested by a real estate agent rather than an objective assessment of value. Gambler's fallacy (aka sunk cost bias), the failure to reset one's expectations based on one's current situation. For example, refusing to ...
Counter-economics is the study of the Counter-Economy and its practices. The Counter-Economy includes the free market, the Black Market, the "underground economy," all acts of civil and social disobedience, all acts of forbidden association (sexual, racial, cross-religious), and anything else the State, at any place or time, chooses to prohibit ...
The concept of positive reciprocity can be seen in real-life examples, such as the workplace. If an employer offers a large wage to their employees, then the employees often pay back the favour by working harder. [7] Altruism is another social preference seen in the dictator game. This game is similar to the ultimatum and gift exchange games.