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Behavioral economics is the study of how psychological, cognitive, emotional, cultural and social factors affect economic decisions and deviate from classical theory. It emerged in the 1970s and '80s, influenced by cognitive psychology and neuroscience, and has been used to explain various phenomena such as bounded rationality, loss aversion and nudge theory.
Prospect theory is a theory of behavioral economics, judgment and decision making that describes how individuals assess their loss and gain perspectives in an asymmetric manner. It challenges the expected utility theory and explains how people make decisions based on reference points, value functions and probability weighting functions.
Consumer behaviour is the study of how consumers select, decide and use goods and services, and how their emotions, attitudes and preferences affect buying behaviour. It is an interdisciplinary social science that blends elements from psychology, sociology, anthropology, marketing and economics, and uses various research methods and tools to understand consumer motivations and decision-making ...
Nudge theory is a concept in behavioral sciences that aims to influence people's behavior and decisions by altering the choice environment. Learn about the definition, techniques and examples of nudge theory, as well as its controversies and applications in various domains.
AIDA is a model that describes the steps consumers go through when they make purchase decisions: Attention, Interest, Desire, Action. It is one of the most widely applied hierarchical models in advertising and marketing, but it has some limitations and variants.
Conjoint analysis is a survey-based method that helps determine how people value different attributes of a product or service. It involves showing respondents a set of products or prototypes with different combinations of attributes and analyzing their choices, rankings or ratings.
Psychological pricing is a strategy that uses just-below numbers to influence consumer perception and demand. Learn about the theories, methods and controversies of this pricing technique, and see how it is used in different markets and currencies.
Learn what a target audience is in marketing and advertising, and how to determine it based on demographics, psychographics and consumer behavior. Find out the difference between a target audience and a target market, and see examples of successful and failed campaigns.