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Assessment
What is the primary focus of behavioral decision making?
Understanding how psychological factors influence our choices
Maximizing profit through statistical analysis
Identifying trends in consumer behavior only
Creating algorithms for predicting market movements
Which of the following concepts is often associated with Dan Ariely's research?
Rational choice theory
Predictably irrational behavior
Zero-sum games
Utility maximization
What does the concept of 'anchoring' in behavioral economics refer to?
The tendency to make decisions based on irrational beliefs
Focusing only on information available at the moment of decision
The influence of initial information on subsequent judgments
Being affected by social norms in decision making
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