Casino 101
This strategy causes a person to lose track of time while in a casino, due to the lack of clocks and natural light.
What is Disorientation?
We are exposed to this many ads every day.
What is 3,000?
If consumers swap their preference between two options when presented with a third option, they have fallen into this cognitive bias.
What is Decoy Effect?
All of Jim’s friends have the new iPhone 17. Therefore, Jim also wastes money on a new iPhone even though he has a perfectly good phone. This nudge is called?
What is Social Proof?
Jerry has already lost $5,000 playing blackjack. He continues to play because of all the time, money, and effort he has already invested. What fallacy is Jerry falling into?
What is Sunk Cost Fallacy?
When someone separates money into different categories, they are using this type of accounting.
What is Mental Accounting?
This cognitive bias causes a person to compare all new information with the original information they received.
What is Anchoring Effect?
This nudge feeds off of the fear that the sale is ending soon.
What is Urgency?
This is the most popular form of gambling for Americans.
What is Lottery?
This concept describes the consumer’s satisfaction or pain they feel when purchasing a discounted item.
What is Transactional Utility?
What cognitive bias causes a person to change their preference based on what is free?
Zero Price Effect
There is a limited supply of the new Starbucks cups, which motivates everyone to hurry up and buy the cup. This is an example of this nudge.
What is Limited Time?
Stimulating lights and sounds are an example of this strategy used by casinos.
What is Atmosphere?
This philosopher from Athens called contentment "Natural Wealth".
What is Socrates?
Lucy has just test-driven a car and now feels a sense of ownership towards it. What cognitive bias is she exhibiting?
What is Endowment Effect?
Johnny Depp is in a cologne commercial convincing every guy to wear this certain cologne; this is an example of this type of nudge.
What is Authority?
Using digital credits instead of cash is an example of this strategy used by casinos.
What is Convenience?
America’s personal savings rate is this percentage.
What is 5.3%
If you assign more value to the things you already own compared to what you don’t, you are using this cognitive bias.
What is Endowment Effect
When the ad only highlights the product's benefits, it is an example of this type of nudge.
What is Framing?