Uncertainty and Irrationality in Decision Making
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Suggestive selling</p> Signup and view all the answers

    What is an example of using selective customization to make products attractive, as mentioned in the text?

    <p>Offering different packaging styles for different brands</p> Signup and view all the answers

    How did the social security number influence people's willingness to pay in the classroom auction?

    <p>It made people pay more for high numbers and less for low numbers</p> Signup and view all the answers

    Which pricing strategy involves offering 4 items for €2?

    <p>'4 for €2' multiple unit pricing</p> Signup and view all the answers

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