Category: behavioral Economics
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Using the Anchoring Effect to Command Higher Prices
The anchoring effect is a cognitive bias that occurs when people rely too heavily on the first piece of information they receive when making a decision. This can be used by small businesses to position themselves at the premium end of the spectrum by anchoring their prices higher than their…
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Behavioral Economics and Small Businesses
Today we will talk about behavioral economics and how it can help your business. Behavioral economics is a field of study that examines the psychological factors that influence economic decision-making. It studies how people actually behave, rather than how they are assumed to behave in traditional economic models. Here’s a…
Dev Maheshwari Group 