In Class #13 we talked about 8 systematic biases that can affect consumers' understanding of prices. 1. Price as a signa
Posted: Fri May 20, 2022 7:42 am
In Class #13 we talked about 8 systematic biases that can affect
consumers' understanding of prices.
1. Price as a signal of quality
2. Absolute vs Relative number processing
3. Context / Anchoring effect
4. “Hunter” mindset
5. Prices ending in 95 or 99
6. Mental accounting
7. Goldilocks / compromise / decoy effect
8. Reference prices
Pick 3 biases and share one example each of how they have
affected your purchases.
consumers' understanding of prices.
1. Price as a signal of quality
2. Absolute vs Relative number processing
3. Context / Anchoring effect
4. “Hunter” mindset
5. Prices ending in 95 or 99
6. Mental accounting
7. Goldilocks / compromise / decoy effect
8. Reference prices
Pick 3 biases and share one example each of how they have
affected your purchases.