Chapter 10 Entrepreneurship

What are cognitive illusions?

Situations where context leads to predictable irrational decisions.

What happens with no choices?

Options lack appeal and decision-making is limited.

What is choice paralysis?

Inability to make a decision due to too many options.

What is a negative effect of too many choices?

Lower satisfaction with decisions.

What is escalation of expectations?

Higher expectations make satisfaction harder.

Why do people feel regret with choices?

They imagine better alternatives.

What is the paradox of choice?

More options can lead to worse decisions and less satisfaction.