Mar-3023 Lecture Notes - Lecture 7: Optical Illusion, Predictably Irrational, Dan Ariely
Document Summary
High-involvement products: products that are purchased only after careful consideration. They tend to be visible to others, risky, and/or expensive. Low-involvement products: products that tend to be less expensive & have less associated risk: leads to consumer irrationality illusion. Dan ariely gives examples in his books the upside of irrationality & predictably irrational. Consumers don"t always make decisions that are rational. A lot of the times, we think we"re being rational, but we"re actually not making decisions for ourselves. When you see an optical illusion, you cant see it any other way, even thought you know it"s an. When asked if you want to opt out instead of opt in, you"re not making your own decision because you generally won"t check the box either way. Around halloween, the sale of black and orange things increase, such as reese"s and orange soda.
