Business- Marketing (customer behavior)

Below are a handful of anomalies/phenomena you should know that are not described in your book. Each stems from Behavioral Economics and contradicts Rational Choice Theory.

  1. Winner’s Curse
  2. Status Quo Bias
  3. Hyperbolic Discounting
  4. The Cognitive Miser

5.The Framing Effect

6.Confirmation Bias

7.Norm of Reciprocity

8.The Illusory Truth Effect

  1. Altruism

10.Analysis Paralysis

11.Omission Neglect

  1. Anchoring Effect

Your task is this:

Research all 12 of the above Consumer Behavior anomalies. Keep notes containing the information you collect on each. Pay particular attention to not only their definitions, but their causes, ways to overcome them (if appropriate), major researcher(s) associated with them, and most importantly, know the subtle differences between them. You should acquire as much additional information as you see fit. The more you know about them, the better you’ll do on the assessment. These notes should be first typed in digital form (so you can upload them for me to see) and then printed so you can use them on the assessment (since no other resources are allowed).

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