Behavioural Economics

Framing Effect Definition

Framing Effect Definition

The framing effect is a cognitive bias that impacts our decision making when said if different ways. In other words, we are influenced by how the same fact or question is presented.

Nash Equilibrium Definition

Nash Equilibrium Definition

Nash equilibrium refers to the situation whereby a group of individuals choose the most optimal strategy and do not deviate from that initial decision. Individuals stick to the initial decision in the knowledge that all other options are inferior.