The status quo bias is a cognitive bias that refers to our tendency to stick with the current situation or status quo. This can be due to a variety of factors, such as loss aversion (where we prefer avoiding losses over acquiring gains) or simply because it’s comfortable and easy to stay with what we… Continue reading Status Quo Bias | All you need to consider
Category: Behavioral Economics
Sunk Cost Fallacy | All you need to know
Sunk cost fallacy is a cognitive bias that dictates our decision-making. It tells us that we are more likely to continue investing in something as long as we have invested so much in the past, regardless of whether or not it is rational to do so. The sunk cost fallacy can lead us to make… Continue reading Sunk Cost Fallacy | All you need to know
Behavioral Economics | The new Economics
Behavioral economics is the study of economic decisions and behavior. It incorporates insights from psychology, sociology, and other disciplines to explain why people make choices that are not always in their best interests. Behavioral economists also study how market institutions can influence people’s choices, and how government policies can affect economic outcomes. Behavioral economics is… Continue reading Behavioral Economics | The new Economics
What Does Minimum Viable Product Mean?
The phrase “minimum viable product” has become popular in recent years as a way to describe the least amount of work that can be done to create a new product or service. The idea is that by starting with a small, basic version of the product, you can learn from customer feedback and make changes… Continue reading What Does Minimum Viable Product Mean?
Challenges of Blue Economy in Bangladesh
The blue economy is an emerging field of study that looks at the sustainable use of ocean resources. Bangladesh is a country with a long coastline and a large fishing industry, so it is well placed to benefit from this new area of research. However, there are also many challenges to be overcome if the… Continue reading Challenges of Blue Economy in Bangladesh
What is the Multiplier Effect? Examples and use cases
The Multiplier Effect is an economic concept that describes the relationship between initial investment and subsequent economic benefits. In simple terms, it is the idea that a dollar invested today can have a greater impact on the economy tomorrow than if it were spent today. The Multiplier Effect has been used to justify everything from… Continue reading What is the Multiplier Effect? Examples and use cases