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Behavioral Economics - Coggle Diagram
Behavioral Economics
Framing
The decision will be made based on the way in which the options are presented and not based on the real
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Confirmation
Here the person is biased toward any decision that support his information and ideas and contradicts anything other than that
Groupthink
Group thinking occurs when a group of people in which the desire for harmony or conformity of the group results in irrational or dysfunctional decision-making outcome
Noise
They are decisions driven by the noise of what's going on around us, driven by the noise of fear, driven by the noise of anxiety, driven by the noise of pleasing other people
anchoring
Effect is a cognitive bias whereby an individuals decisions are influenced by a particular reference point or anchor
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Bounded Rationality
The Cognitive Decision-marking capacity of humans cannot be fully rational because of several limits that we face
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Bandwang
The effect is the tendency for people to adopt certain behaviors styles, or attitudes simply because others are doing so