All those key stakeholders have been selected on the basis of inclusiveness and representativeness with a certain command of legitimacy and respect in the work they do and represent as individuals and organizations with the women and youth groups at the district and national levels.

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Kahneman, often working with a fellow academic, the late Amos Tversky, described many of the core concepts of behavioral finance, including: loss and regret aversion, representativeness, anchoring and adjustment, and availability bias.

FORBES: Europe and Investor Behavior

Kahneman and Tversky also showed that people tend to use general rules, such as representativeness, to make judgments that contradict the laws of probability.

FORBES: 5 Nobel Prize-Winning Economic Theories You Should Know About

The Council is composed of thirty-four Member States of the United Nations Educational, Scientific and Cultural Organization, elected by the General Conference at its ordinary sessions, taking due account of equitable geographical distribution, of the need to ensure appropriate rotation, of the representativeness of these States from the ecological viewpoint in the various continents, and of the importance of their scientific contribution to the international MAB programme.

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