FFC 603 Chapter Notes - Chapter 3: Debiasing, Consumer Behaviour, Socalled
3 Feb 2019
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Consuming rationally: how marketing is exploiting our cognitive biases, and what we can do about it. Our tendency for irrational decision-making is compounded by marketing. Cognitive biases affect consumer behavior on two dimensions, preference genesis and preference order. There are two general strategies for reducing the impact of cognitive biases. We are all consumers, and we are often bad at it. Some of the stuff we need or want is immaterial and aspirational. Some of the stuff we need or want is more immediate and, arguably, easier to obtain goods and services. When we engage in this latter kind of getting stuff, we are consumers. We are quite adept consumers in a proceduralist sense. When we ant to get something, we usually have little trouble getting it. Our thinking is error-prone, and marketing e orts make use of those errors in thinking. This leads us to consume in ways that might go.
