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Key Concepts[edit | edit source]
Bias - A predisposition towards error.
- w:Excessive Optimism - Overestimating the frequency of experiencing favorable outcomes and underestimating the frequency of experiencing unfavorable outcomes.
- w:Winner's curse - Winners of auctions tend to overpay.
- Confirmation Bias
- Illusion of Control
- Loss Aversion
- Aversion to Sure Loss
Prospect Theory - [[[Wikipedia:Prospect theory|Wiki Link]]] - [Original Paper]