Question
Hello, I need your help in answering the following questions in paragraphs: We learned a little about behavioural economics and the psychology of judgement and
Hello, I need your help in answering the following questions in paragraphs:
"We learned a little about behavioural economics and the psychology of judgement and decision making. Humans operate under the control of many different cognitive biases - the endowment effect, loss aversion, defaults, priming, and many others all operate below the level of our awareness, yet are strong drivers of our choices. As a result, behavioural scientists know how to create "nudges" - simple ways of changing how we structure choices and options that "nudge" people towards a particular outcome, without them even knowing it. This has created some debates around the ethics of this approach. On one hand, it can be used for good - getting people to save more money for retirement, eat healthier, etc. On the other hand, it can cause us to spend more money on consumer items than we might otherwise choose."
1. What do you think of this and explain?
2. After reading about some of these biases and nudges, what are your thoughts - both as potential future marketers and as consumers yourselves?
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