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The social sciences that study inequity aversion include sociology, economics, psychology, anthropology, and ethology. Researchers on inequity aversion aim to explain behaviors that are not purely driven by self-interests but fairness considerations. In some literature, the terminology inequality aversion was used in the places of inequity ...
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
Extensive form representation of a two proposal ultimatum game. Player 1 can offer a fair (F) or unfair (U) proposal; player 2 can accept (A) or reject (R). The ultimatum game is a popular experimental economics game in which two players interact to decide how to divide a sum of money, first described by Nobel laureate John Harsanyi in 1961. [1]
The dictator game is a derivative of the ultimatum game, in which one player (the proposer) provides a one-time offer to the other (the responder).The responder can choose to either accept or reject the proposer's bid, but rejecting the bid would result in both players receiving a payoff of 0.
Split labor market theory traces the roots of racial/ethnic stratification to social and political differences that predate inter-group contact in the labor market, but the specific outcomes (caste system, exclusion, or something else) result mainly from the actions of the higher paid segment of the working class and their power relative to ...
Splitting, also called binary thinking, dichotomous thinking, black-and-white thinking, all-or-nothing thinking, or thinking in extremes, is the failure in a person's thinking to bring together the dichotomy of both perceived positive and negative qualities of something into a cohesive, realistic whole.
A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Economic Recessions in the U.S. Recessions are a normal part of the business ...
In mental accounting theory, the framing effect defines that the way a person subjectively frames a transaction in their mind will determine the utility they receive or expect. [11] The concept of framing is adopted in prospect theory , which is commonly used by mental accounting theorists as the value function in their analysis (Richard Thaler ...