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Hi I have these Behavioural Economics questions I need help with. Please explain in detail. a) The illusion of pattern shapes our everyday lives. How
Hi I have these Behavioural Economics questions I need help with. Please explain in detail.
a) The illusion of pattern shapes our everyday lives. How does this illusion emerge (refer to law of small numbers & impossibility of causal explanations) and how does it affect decision-making?
b) The anchoring effect is a prominent finding in behavioural economics. Describe, using an example, the anchoring effect.
c) What is the Linda problem?
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