How behaviour economics affect your shopping
You may wonder what biases make you do stupid things when shopping. This article gives an explanation for that. At DeltaMV, we apply these biases when working on our analysis to change behaviour. Have a read to find out if any of the biases applied to you.
- Confirmation Bias Causes You to Waste Money on Things You Don't Need
- The Decoy Effect Confuses You Into Thinking You're Getting a Deal
- Hyperbolic Discounting Makes You Buy Items Right Now Because You Can't Wait
- Restraint Bias Makes You Believe You Actually Have Control Over Impulse Purchases
- Anchoring Makes You Believe the Worth of All Items Based on the First
- Choice-Supportive Bias Causes You to Make Stupid Decisions Based on Nostalgia