ba 3300 notes #5

Question 1

the tendency to stick with what you have

Answer 1

Status quo bias

Question 2

whereby people make judgments about the likelihood of an event based on how easily an example, instance, or case comes to mind

Answer 2

availability
heuristic

Question 3

example of availabilty heuristic

Answer 3

Homicides are more available than suicides, and so people tend to
believe, wrongly, that more people die from homicide

Question 4

any factor that significantly alters the behavior of Humans, even
though it would be ignored by Econs.

Answer 4

nudge