Decoy Pricing
A strategy where an additional, less attractive option is introduced to make other pricing options look more appealing, often steering customers towards a particular choice.
169 topics found for
“bias”
Informational Influence
The change in opinions or behavior that occurs when individuals conform to the information provided by others.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Satisficing
A decision-making strategy that involves choosing an option that meets the minimum requirements rather than seeking the optimal solution, balancing effort and outcome.
Association Fallacy
A logical fallacy in which it is assumed that qualities of one thing are inherently qualities of another, due to an irrelevant association.
Anecdotal Fallacy
A logical fallacy where anecdotal evidence is used to make a broad generalization.
Risk Compensation
The theory that people adjust their behavior in response to the perceived level of risk, often taking more risks when they feel more protected.
Continued Influence Effect
The persistence of misinformation in memory and influence on reasoning, even after it has been corrected.
Occam’s Razor
A principle that suggests the simplest explanation is often the correct one, favoring solutions that make the fewest assumptions.