Question: - What is Endowment effect? - What is the effect of the Sunk cost in decision-making? - How do you define rationality in decision-making? Define

- What is Endowment effect?

- What is the effect of the Sunk cost in decision-making?

- How do you define rationality in decision-making? Define the 2 different definitions that we discussed in the class.

- To maximize a Utility Function, there are 2 axioms that you have to follow. What are they?

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