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In economics, money illusion, or price illusion, is a cognitive bias where money is thought of in nominal, rather than real terms. In other words, the face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in time.
Inflationary bias is the outcome of discretionary monetary policy that leads to a higher than optimal level of inflation. Depending on the way expectations are formed in the private sector of the economy, there may or may not be a transitory income increase.
Detection bias occurs when a phenomenon is more likely to be observed for a particular set of study subjects. For instance, the syndemic involving obesity and diabetes may mean doctors are more likely to look for diabetes in obese patients than in thinner patients, leading to an inflation in diabetes among obese patients because of skewed detection efforts.
False balance, known colloquially as bothsidesism, is a media bias in which journalists present an issue as being more balanced between opposing viewpoints than the evidence supports. Journalists may present evidence and arguments out of proportion to the actual evidence for each side, or may omit information that would establish one side's ...
Economic Theory is a peer-reviewed academic journal that focuses on theoretical economics, particularly social choice, general equilibrium theory, and game theory. Mathematically rigorous articles are also published in the fields of experimental economics , public economics , international economics , development economics , and industrial ...
In economics, the lump of labour fallacy is the misconception that there is a finite amount of work—a lump of labour—to be done within an economy which can be distributed to create more or fewer jobs.
The General Theory of Employment, Interest and Money. New York: Harcourt Brace and Co. Moulin, Herve (1986). Game Theory for the Social Sciences (2nd ed.). New York: NYU Press. ISBN 9780814754306. Nagel, Rosemarie (1995). "Unraveling in Guessing Games: An Experimental Study". American Economic Review. 85 (5): 1313– 1326. JSTOR 2950991.
The neglect of probability, a type of cognitive bias, is the tendency to disregard probability when making a decision under uncertainty and is one simple way in which people regularly violate the normative rules for decision making. Small risks are typically either neglected entirely or hugely overrated.