Price Anchoring..

price-anchoring-2This image demonstrates how marketers try to get you to buy their products. They accommodate every price to your convenience. Notice how the free offer compared to the $14.95 offer has about 50% percent or more of least features. Also notice how the pricing looks better because it’s not $15.00.

Heuristics Affects

is-stevia-healthy-2

I found this interesting image because a lot of people eat and drink certain things because of a “just because”. Example, some people can say they drink their coffee or tea with Stevia sugar because it comes from a plant, a herb. Therefore plants are natural. That excuse would be like saying it’s okay to eat other plants besides vegetables including, Toxicodendron radicans (Poisen Ivy, oaks, etc.)! I’m not saying that you have to be illiterate to do such a thing but this is what the comment sounds like. If something is natural it doesn’t necessarily mean it’s good for you. Stevia has no physical sign of danger just like poison Ivy. However, the only thing we know is that if we touch the Ivy we get a rash. Well the same applies to everything in life just because it doesn’t look dangerous and you think it’s good or other people tell you it is think again before you try it. Heuristic can lead to shallow thinking and making harmful decisions.

Overconfidence

I love Oscar Wilde and his books and when I came across this quote I had to post it. And to an extent it is true. How many times did we just know about the ending of a movie or just know what he or she was going to say when you catch them in a lie? I’m guilty and my boyfriend is always telling me that I think I’m always right and that I know everything lol. But in essence, it better to say “I think” rather than “I know.”

availability heuristics

This is a 15 minute video explaining representative and availability heuristics. The reason why I am posting it is because the woman gives a really interesting example of availability heuristics. Basically there was a study done which asked participants to answer 3 questions of what people die from most, the first one and most shocking (to me) was:

Lung cancer or car accident?

of course in my head I went ahead and answered car accident..

Well the results showed 57% of people answered the same as me; although the truth is that 140,000 people died of lung cancer in a year while 46,000 people died in a car accident!

And the reports made per year were 3:127; only 3 reports made of a person dying of lung cancer!

The other was Tuberculosis or fire?

77% answered fire and the reports made that year were 0:24. (more fire deaths did occur)

This was a perfect example of how the availability heuristic works, and the amount of information that is provided is the information that will be used.