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Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1]
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. [ 1][ 2] Behavioral economics is primarily concerned with the bounds of rationality of economic agents.
Maslow's hierarchy of needs is an idea in psychology proposed by American psychologist Abraham Maslow in his 1943 paper "A Theory of Human Motivation" in the journal Psychological Review. [ 1] Maslow subsequently extended the idea to include his observations of humans' innate curiosity. His theories parallel many other theories of human ...
Circle chart of values in the theory of basic human values [1] The theory of basic human values is a theory of cross-cultural psychology and universal values that was developed by Shalom H. Schwartz. The theory extends previous cross-cultural communication frameworks such as Hofstede's cultural dimensions theory. Schwartz identifies ten basic ...
Online identity has given people the opportunity to feel comfortable in wide-ranging roles, some of which may be underlying aspects of the user's life that the user is unable to portray in the real world. [23] Online identity has a beneficial effect for minority groups, including racial and ethnic minority populations and people with disabilities.
A loss of $0.05 is perceived with a much greater utility loss than the utility increase of a comparable gain. Loss aversion is a psychological and economic concept, [ 1] which refers to how outcomes are interpreted as gains and losses where losses are subject to more sensitivity in people's responses compared to equivalent gains acquired. [ 2]
Online food ordering is the process of ordering food, for delivery or pickup, from a website or other application. The product can be either ready-to-eat food (e.g., direct from a home-kitchen, restaurant, or a virtual restaurant) or food that has not been specially prepared for direct consumption (e.g., vegetables direct from a farm/garden, fruits, frozen meats. etc).
Anchoring effect. The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant. Both numeric and non-numeric anchoring have been reported in research. In numeric anchoring, once the value of the anchor is set, subsequent ...