Behavioral Economics? What's That?
A new science sheds light on some of our most important decisions. Behavioral economics is the study of how and why people make money-related decisions. As a science it is relatively new, although some of its findings have been known intuitively by good salesmen and marketers for many years. Much of what has been learned from recent studies, however, has not yet been applied systematically in the real world of business. Here are some of the things the studies have shown thus far:
Confirmation Bias
We tend to act economically in a way that confirms current belief. When buying the same model of Mecedes, for example, current owners, who presumably already believe in the value of a Mercedes, pay $7,000 more, on average, than new Mercedes customers.I'm sure you can imagine the value of this knowledge to companies that sell high-priced items.
Decision Paralysis
Studies show that, given four samples of jam, for example, people actually spent more than when they had twenty to choose from. You may not want to tell the customer about all 84 colors he can choose from. Limiting options may be a useful sales technique, according to this research finding.Sunk-Cost Fallacy
This phenomena of behavioral economics persists, even after we're confronted with it's illogical nature.We are more likely to attend an event if we paid for the ticket than if we got it free, even when we have the same information and interest in the event. Since the money is already spent, it has no relevance to the decision, but even seeing this, aren't most of us going to feel a greater loss throwing away a ticket we paid for than one we got for free? The applications of this fallacy are obvious, if you look. For example, perhaps rather than giving away tickets to those "get rich" seminars, the organisers would get better attendance by putting their "$100" tickets on sale for $3. Just having paid something makes people more likely to attend, with the added bonus of getting some money up front.
Extremeness Aversion
People avoid extremes.Given a choice of televisions costing $300, $500, and $700, for example, not many choose the $700 one. But if you add a $1200 television to their choices, more will then choose the $700 one, because it is no longer the most expensive one. The last example suggests some obvious applications of this new science of behavioral economics. In fact, if you look closely at the information coming from these studies, you can find a lot to help your sales and marketing efforts. You'll find more results of these studies in Behavioral Economics: Part Two..
Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.EverythingAboutMoney.infoBareboat Yacht Charters ? Save Money With A Bareboat Charter
Bareboat yacht charters without an experienced captain mean that you do need to have sailing experience. In order to find out if you are qualified to handle the bareboat yacht on your own, the charter company requires that you submit a resume of your sailing experience. With many of the bareboat sailing companies you don't need to have a sailing certificate because they place more value on the experience. With others, you do need to have a certificate. You will find many bareboat yacht charters online in all parts of the world.
Browse the sites to see which ones apply to you.
When you submit your record of sailing experience for bareboat sailing, charter companies will let you know whether or not they feel you can handle the yacht on your own. This is because bareboat yacht charters have to protect their investments as well as be assured of your safety. If they do not feel your qualifications are up to par for sailing the specific waters they service, you may be...
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Create high-quality images with Digital cameras
Digital cameras have recently grown in popularity because
of their increasing image quality and easy interaction with
desktop PCs. Digital cameras create high-quality images
that allow you to send to others over the Internet or print on
a color printer. Red Hat Linux supports several brands of
digital cameras and has applications that help you access,
view, and modify your digital photographs.
digital camera has many advantages. It saves you money
in the long run because you don??t have to buy rolls and
rolls of film and you don??t have to pay for development.
You don??t have to go to the store to drop off an then pick up
your pictures.
A digital camera shows you the images
before they are printed, an if you don??t like it, you simply
delete them.
Digital photographs are incredibly easy to distribute and
use. You can insert them into word processing documents,...
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Hotels in Central London: History and Luxury
Copyright 2006 S Wander
Central London is where everything is: the history, the culture, the center of the UK's government, and the night life. For about a three-mile stretch between the Tower of London and Hyde Park, you'll find most of the London you're looking for: Piccadilly Circus, Big Ben, St. Paul's, London Bridge, Westminster, Trafalgar Square. It only makes sense, therefore, to find a great hotel to stay in that area. You can do this for a reasonably-inexpensive rate, or you can splurge and be treated like the Queen.
The most important thing, though, is to reserve your spot as early as you can; rooms, especially the inexpensive rooms, go quickly. If you're arriving by midday, many places will hold your spot without a deposit. Others can be expensive if you're forced to cancel.
Bed and Breakfasts
In the streets behind Victoria Station, you'll find colonies of budget Bed and Breakfasts. It's a nice area, not at all touristy, and you...
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LCD Televisions
LCD televisions are flat panel televisions that utilize LCD technology, which is already commonly been used in cell phones, calculators, and computer monitors. LCD televisions' display screen has two parallel polarizing panels and a liquid crystal sandwiched between them. Based on the amount of voltage passed through the panels, the rod-shaped liquid crystal molecules will be untwisted to different degrees, limiting the entry of light. Thus, the crystalline layer acts a shutter that either allows or blocks the passage of light. As a result, dark and light patterns are formed on the display, which produces a magnificent picture.
A white backlighting is required in LCD televisions since the LCD pixels do not emit light as in Plasma televisions.
In this, each color pixel is generated by three sub-pixels with red, blue, and green color filters. Unlike plasma and CRT ones, LCD televisions do not have a phosphor dot coating. Hence, they are thin and require much less power...
LCD Televisions
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?Bleeding Edge? Polymer Semiconductor Research Receives Acclaims
A team of material scientists, led by Professor Samson A. Jenekhe formerly of the University of Rochester's Department of Chemical Engineering, have developed a family of plastic electroluminescent devices.
This family of technologies has potential applications in more efficient light-emitting diodes (LEDs) and solar cells, video displays, as well as other electronic devices, and is the subject of U.S. Patent 6,605,904.
Jenekhe's research was recently recognized by Thomson research company in its "Fast Moving Fronts," which identifies trends and growth areas within materials sciences and other disciplines.
His research is focused on one of the major challenge of developing plastic, or polymer-based, semiconductors ? to make efficient, high-performance semiconductors for use in applications where traditional polymer semiconductors fall short.
These high-performance semiconductors are called multicomponent organic semiconductors.
The challenge...
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WireTracks LLC announces WireTrack NC, a product that futureproofs homes and enables homeowners to invisibly add new wiring to their homes in the future.
Seattle, WA,(ContentDesk)
November 20 2003 ? WireTracks LLC announces WireTrack NC (new construction), a wiring channel product designed exclusively for new construction applications. After it is installed in a new home (in conjunction with conduit), homeowners will be able to run new wiring from a central wiring closet to any location within the house.??????WireTracks NC channels are the thickness of wallboard and attach directly to the framing of a building at floor level, replacing part of the wallboard. The channel cover attaches to any baseboard molding which allows the molding/channel assembly to be removed and re-snapped into place any time the homeowner needs to add new wiring."Right now, homeowners don't know what to do when wiring new houses. Some are installing too much wiring and others aren't installing nearly enough," explains Bruce Gutman, President of WireTracks. "A home is the biggest investment in most peoples' lives.
Installing an architecture that...
WireTracks LLC announces WireTrack NC, a product that futureproofs homes and enables homeowners to invisibly add new wiring to their homes in the future.
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