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What is Cognitive Biases

Handbook of Research on Sustainable Supply Chain Management for the Global Economy
Cognitive biases are manifested as systematic deviations from the results of thinking, judgment, reasoning, memory, and decision-making processes from normative standards.
Published in Chapter:
Behavioral Economics: New Dimension in Understanding the Real Economic Behavior
Miloš Krstić (Faculty of Science and Mathematics, University of Niš, Serbia) and Nebojša Pavlović (Faculty of Hotel and Tourism, University Kragujevac, Serbia)
DOI: 10.4018/978-1-7998-4601-7.ch015
The idea of the significance of the psychological dimension of human behavior is not new and has existed in the social sciences since ancient times. Accordingly, there is an endeavor to place economic analysis on the foundations of psychological research, which takes its form of expression in economic theory through the affirmation of behavioral economics. The aim of this chapter is to critically analyze various normative research programs in behavioral economics and to consider the importance of alternative concepts, models, and theories from the point of view of improving understanding of real economic and social behavior. The particular value of this chapter lies in affirming the importance of a program of behavioral economics known as new paternalism, which is based on challenging the concept of maximizing rationality and opens a new dimension of understanding the justification of state interference in the sphere of economy and society.
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More Results
Comparative Analysis of Applying Behavioral Public Policy to Telecommunication Market by International Organizations
Cognitive biases is a theory of cognitive psychology and social psychology that posits that when evaluating a certain object, an idea can be distorted in a direction according to a person’s interests and hopes, and the evaluation is distorted by the features that are noticeable to the object.
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These are irrational prejudices that appear in economic and financial decisions, which influence individuals’ decision-making preferences. They include loss aversion, sunk cost fallacy or reward discounting.
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Behavioral Performance Evaluation
Violations of the axioms of prescriptive decision making theory.
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