Neuroscientists and economists continue to understand why consumers don't always make the best decisions when shopping.
This new theory builds on past studies and hypotheses. A previous theory is that we have so many decisions to make each day that our brains use shortcuts – also known as anchoring biases – to help us make choices faster.
As an example, if you’re used to paying $2 for a loaf of plain, white sandwich bread in the grocery story, you might baulk at the $5 artisan sourdough on sale at the farmers market. That might make sense when comparing bread with bread, but research has long shown that reference points for one item can end up bleeding into our thinking for other things.showed how thinking about one decision can affect another, even though variables are unconnected.
Participants who landed the wheel on a high number were statistically more likely to estimate that there are a higher number of African countries than participants who landed the wheel on a low number. It’s not exactly clear why our brains allow outside factors, like spinning a wheel, to distort our thinking.Other researchers have shown that humans make better decisions when options are limited.
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