BETA
Chapter 1
The physical pain of paying
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Answer
Chapter 2
Cognitive traps in the supermarket aisle
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Answer
Chapter 3
Keeping up with the global Joneses
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Answer
Chapter 4
The emotional mind and mental accounting
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YOUR GOAL
Master of The psychology of spending
Ch 2 · Cognitive traps in the supermarket aisle
nic The Psychology of Spending
Forty minutes in the store— (Brain gets tired!) Now we're emotional and buying more— (Gotta have it now, yeah!)
nic Businesses introduce a useless third option to steer you toward the most expensive choice.
Fun Fact
Store layouts: Supermarkets put bakery sections near the entrance because the scent of fresh bread triggers salivary glands, making shoppers hungry and prone to buying more.
Glossary
anchoring (noun)
A cognitive bias where an individual relies too heavily on an initial piece of information when making decisions. A 1998 study showed that placing a limit of twelve cans on grocery shelves doubled soup purchases.
A cognitive bias where an individual relies too heavily on an initial piece of information when making decisions. A 1998 study showed that placing a limit of twelve cans on grocery shelves doubled soup purchases.
Quiz
In Dan Ariely's anchoring experiment, how much more did students with high social security digits bid?
Quiz
What is the psychological term for why a price of $9.99 feels much cheaper than $10.00?
Quiz
By what percentage do impulse buys increase when shoppers are forced to navigate grocery aisles for essentials?
Quiz
What is the cognitive bias where an initial, random number sets our standard for all future negotiations?
Quiz
Why do e-commerce countdown timers successfully push people to complete online purchases?
Quiz
Which pricing strategy uses an unattractive third option to guide buyers toward a premium choice?