Scarcity Principle
The economic theory that suggests limited availability of a resource increases its value, influencing decision-making and behavior.
893 topics found for
“product features”
Expected Utility Theory
A theory in economics that models how rational individuals make decisions under risk by maximizing the expected utility of their choices.
Analogous Inspiration
The practice of drawing inspiration from sources outside of one's field to generate creative ideas.
Tiny Habits
A behavior change method that encourages the adoption of small, easy-to-do habits that can lead to larger, sustainable behavior changes.
Backstage
Elements of a service or product that are not visible to the user but are essential for delivering the front-stage experience.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Three-Sigma Rule
A statistical rule stating that nearly all values in a normal distribution (99.7%) lie within three standard deviations (sigma) of the mean.
Regulatory Focus Theory
A theory that describes how individuals pursue goals using either a promotion focus (seeking gains) or a prevention focus (avoiding losses).
Decision Utility
The value or satisfaction derived from a decision, influencing the choices people make.