What concept in behavioral economics refers to people's tendency to prefer avoiding losses over acquiring equivalent gains? A) Anchoring B) Loss aversion C) Overconfidence D) Herd behavior

On Sundays, people in Los Angeles consider a boat to Catalina Island to spend the day on the beach there. The utility that a person gets from visiting Catalina is 1-[n/10] – p , where n is the number of visitors on the island and p is the price of round-trip transportation (by boat). (Note that a visitor obtains more satisfaction if there are fewer other visitors on the island). The utility of staying home is zero. In equilibrium, how many people visit the island on a given Sunday?  ( Your answer should depend on p.)

Nicolaus I Bernoulli offers his friend Pierre Rémond de Montmort a game where they need to repeatedly toss a fair ducat until they get a head for the first time. The game stops then, and they count the number n of coin tosses it took to get the desired outcome, and Montmort gets 2^n ducats. Assume that Montmort's utility function is u(w)=w^0.14. How much should Montmort pay to play this game?

Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today? Please provide a detailed discussion. I will not give a positive rating for vague responses.