Mechanisms that occur when humans make choices.
In , Kahneman received the Nobel Prize. Both scientists (Kahneman and Tversky) had a major impact on the development of economics. "Prospect Theory" and other similar works contributed to the creation of a new branch of economics, i.e. behavioral economics. It differs from mainstream economics and focuses mainly on the impact of psychological, social, cognitive and emotional factors on individual decision-making.Thanks to behavioral economics, we consciously distinguish between cognitive errors such as the authority effect, the confirmation effect, the isolation effect, the favor effect or the anchoring effect described in this article. First Bahamas Mobile Number List experiment on anchoring heuristics It was performed by Tversky and Kahneman in The subjects had to spin a roulette wheel. The wheel was manipulated so that the only results that could be obtained were and .
https://lh7-us.googleusercontent.com/PF2C8Jr82ceQ81Ai7pnrQmLZSGmhslLrOLlDexAKirbwIWdbKczVJnVtTGR-s2MT105wDE9gsMWc50QANDbQYu-PxBE1QIKaAAZ5Io1rC33BG-MxmZaj30xCu2n-9wym7NDw3FNpWM8tHSPGxIt4ZrQ
It is important to note that these numbers are in no way related to the question. After receiving the result, they had to answer the question: what percentage of African countries belong to the United Nations (UN). The results were surprising. People who received on the wheel reported that % of all African countries belong to the UN, while those who received reported a higher result, %. This shows how irrelevant information becomes a reference .
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