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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.
In particular, bias (the expected value of the difference of an estimated parameter and the true underlying value) occurs if an independent variable is correlated with the errors inherent in the underlying process. There are several different possible causes of specification error; some are listed below.
Bias is a distinct concept from consistency: consistent estimators converge in probability to the true value of the parameter, but may be biased or unbiased (see bias versus consistency for more). All else being equal, an unbiased estimator is preferable to a biased estimator, although in practice, biased estimators (with generally small bias ...
Heuer outlines the ACH process in considerable depth in his book, Psychology of Intelligence Analysis. [1] It consists of the following steps: Hypothesis – The first step of the process is to identify all potential hypotheses, preferably using a group of analysts with different perspectives to brainstorm the possibilities.
The bias results in the model attributing the effect of the missing variables to those that were included. More specifically, OVB is the bias that appears in the estimates of parameters in a regression analysis , when the assumed specification is incorrect in that it omits an independent variable that is a determinant of the dependent variable ...
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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.
Media bias is the bias or perceived bias of journalists and news producers within the mass media in the selection of events, the stories that are reported, and how they are covered. The term generally implies a pervasive or widespread bias violating the standards of journalism , rather than the perspective of an individual journalist or article ...