For a consumer, economic decisions are based on certain types of behavior. Prospect Theory or the loss-aversion theory in behavioral economics and behavioral finance, aims to determine people’s decision making and their tendency for loss aversion.
You might have heard of the Myers Briggs Test. There are numerous websites offering personality tests which place people in one of 16 personality archetypes described by Myers Briggs Type Indicator. This is based upon a system developed by Katharine Cook Briggs and Isabel Briggs Myers; the latter being the daughter of Katharine Cook. What […]