Behavioral Economics

You've been offered $500 for your grandmother's diamond earrings, but you know that holing on to them is worth so much more than money.

• confirmation bias

• endowment effect

• fear of missing out

• sunk cost

Being worried about missing out on a party that all of your friends are going to.

• confirmation bias

• loss aversion

• sunk cost

• fear of missing out

The tendency to search for, interpret, favor and recall information in a what that confirms or supports one's prior beliefs or values.

• confirmation bias

• loss aversion

• herd mentality

• sunk costs

Cost that has already been incurred and cannot be recovered.

• loss aversion

• endowment effect

• sunk costs

• fear of missing out

Going to the movies and realizing within the first 30 minutes that it's not going to be a good one.

• loss aversion

• sunk costs

• confirmation bias

• fear of missing out

The tendency to prefer avoiding losses to acquiring equivalent gains

• endowment affect

• sunk costs

• loss aversion

• confirmation bias

The feeling of apprehension that one is either not in the know or missing out on information, events, experiences, or life decisions that could make one's life better.

• fear of missing out

• herd mentality

• loss aversion

• confirmation bias

Picking a restaurant that is more crowded over another because you are assuming that the food and service is better there.

• confirmation bias

• herd mentatlity

• fear of missing out

• loss aversion

How people can be influenced by their peers to adopt certain behaviors on a largely emotional, rather than rational basis.

• herd mentatlity

• fear of missing out

• loss aversion

• confirmation bias

Emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.

• sunk costs

• confirmation bias

• endowment effect

• loss aversion