What are the two categories of cognitive biases identified by behavioral economists?

A) Unevolved capacity for solving modern problems and faulty heuristics.
B) Bad information and lack of impulse control.
C) Lack of intellect and mental disorders.
D) Inability to reason and inability to delay gratification.

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

Behavioral Economists

Experts in a field of economics that combines insights from psychology to understand how people make economic decisions.

Faulty Heuristics

Cognitive shortcuts that lead to errors in judgment or decision-making due to biases or flawed logic.