A) The tendency of people to value something more once they own it
B) The preference for outcomes that are certain over uncertain ones
C) The belief that past outcomes were foreseeable
D) The influence of the first piece of information encountered when making decisions

A) The fear of missing out on opportunities
B) The tendency for individuals to overestimate their abilities and knowledge
C) The tendency to follow the crowd without critical thinking
D) The preference for maintaining the status quo

A) Framing effect
B) Loss aversion
C) Choice overload
D) Recency bias

A) People tend to overestimate the probability of rare events
B) People make decisions based on the context in which options are presented
C) People favor choosing the default option
D) People are more sensitive to losses than gains of the same value

A) By limiting the number of options available to individuals
B) By forcing people to comply with regulations without question
C) By disregarding the emotional aspects of decision-making
D) By making certain options more prominent or noticeable, influencing choices

A) Recency bias
B) Confirmation bias
C) The endowment effect
D) Anchoring effect

A) The idea that people's decision-making is limited by cognitive constraints and biases
B) The belief that people always make perfectly rational decisions
C) The tendency to conform to social norms in decision-making
D) The practice of making decisions with limited information

A) People tend to follow social norms
B) People seek out information that confirms their existing beliefs while ignoring contradictory evidence
C) People are more likely to make a decision when presented with limited options
D) People assign different values to the same object based on ownership