EPF Unit 1 Flashcards (Behavioral Economics)

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Last updated 4:50 PM on 8/25/26

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4 Terms

1

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Endowment Effect

It happens when people assign more value to things we already own than things ppl buy. Ex: Keeping your Pokemon card instead of selling it bc you think it is more valuable

2

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Trasactional Utility

When people feel good deals are worth more than they really are bc they seem like savings. Ex: Buying things on sale

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