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Psychology and Economy - Coggle Diagram
Psychology and Economy
Irrational Thinking
Does not just include symptoms of depression, everyone does it.
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Availability Heuristic
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The reason for this irrational thinking is because outcomes of these events are more widely available through the media etc.
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Real-world Influences
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Includes:
Decision making by juries,
treatment of mental health problems,
financial advice,
and government programmes.
The Framing Effect
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Group 2:
A - save 200 lives,
B - 33% chance of saving all, 66% chance of saving none.
Group 1:
A - 400 deaths,
B - 33% chance none die, 66% chance all die.
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