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Confirmation bias (also confirmatory bias, myside bias, [a] or congeniality bias [2]) is the tendency to search for, interpret, favor, and recall information in a way that confirms or supports one's prior beliefs or values. [3]
A number of scholars found important flaws with mercantilism long before Smith developed an ideology that could fully replace it. Critics like Hume, Dudley North and John Locke undermined much of mercantilism and it steadily lost favor during the 18th century. In 1690, Locke argued that prices vary in proportion to the quantity of money.
Status quo bias has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
Emil Mihai Cioran (Romanian: [eˈmil tʃoˈran] ⓘ; French: [emil sjɔʁɑ̃]; 8 April 1911 – 20 June 1995) was a Romanian philosopher, aphorist and essayist, who published works in both Romanian and French.
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