They include: I)  mental shortcuts used to generate approximate answers to questions (heuristics);  II)  the influence of the way information is presented on the way decisions are taken (framing effect)  III)  the fact that outcomes are usually assessed against a reference point (reference dependence/anchoring effect), implying that different reference points affect the perception of gains and losses;  IV)  a preference for immediate gratification, resulting in decisions that do not maximise long-term net effects (present bias) – e.g.
people overestimate their ability to repay loans, resulting in over-indebtedness;  V)  the fact that people often demand much more to give up an object than they would be willing to pay for it (endowment effect); this helps explain, e.g., why switching rates among products from different financial services providers are low even when there are no legal obstacles to or monetary costs in doing so.