Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What kind of heuristics is described in the text where individuals anchor themselves to a familiar starting point when making judgments?
What kind of heuristics is described in the text where individuals anchor themselves to a familiar starting point when making judgments?
- Confirmation bias
- Anchor-and-adjustment heuristic (correct)
- Representativeness heuristic
- Availability heuristic
In the classroom auction scenario described, what was one of the anchors used to estimate amounts?
In the classroom auction scenario described, what was one of the anchors used to estimate amounts?
- Population statistics
- Pricing labels
- Item descriptions
- Social security numbers (correct)
What did the study participants disproportionately weigh when estimating the population of Bangladesh in the classroom auction?
What did the study participants disproportionately weigh when estimating the population of Bangladesh in the classroom auction?
- The items being auctioned
- The quantity limits set per person
- The actual population data
- The last two numbers of their social security number (correct)
Which marketing implication involves suggesting to customers to buy more items to save a trip?
Which marketing implication involves suggesting to customers to buy more items to save a trip?
Signup and view all the answers
What is an example of using selective customization to make products attractive, as mentioned in the text?
What is an example of using selective customization to make products attractive, as mentioned in the text?
Signup and view all the answers
How did the social security number influence people's willingness to pay in the classroom auction?
How did the social security number influence people's willingness to pay in the classroom auction?
Signup and view all the answers
Which pricing strategy involves offering 4 items for €2?
Which pricing strategy involves offering 4 items for €2?
Signup and view all the answers
