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→Psychology: rational agent
A bias is sometimes defined as a violation of a normative standard. For example, the fact that people will be less likely to trade an object they are endowed with for another one-regardless of which initial object they possess-violates the normative standard that preference for an object should not be swayed by what is already possessed.
A bias is sometimes defined as a violation of a normative standard. For example, the fact that people will be less likely to trade an object they are endowed with for another one-regardless of which initial object they possess-violates the normative standard that preference for an object should not be swayed by what is already possessed.
Studies of biases in psychology have shown that many principles assumed in economics are incorrect (Kahneman 2003) by illustrating that the notion of a free rational agent is idealistic.
Studies of biases in psychology have shown that many principles assumed in economics are incorrect (Kahneman 2003) by illustrating that the notion of a free [[rational agent]] is idealistic.
== Encyclopedias ==
== Encyclopedias ==