Posts Tagged ‘reference prices and achors’

  • Decisions Have An Opportunity Cost That Require Tradeoffs

    Behavioral Economics: Menu Incentives

    May 12, 13 • 547 Views • Behavioral Economics, Businesses, Demand, Supply, and Markets, Households, Innovation, Thinking EconomicallyNo Comments

    In economics, sometimes psychology comes in handy… If you were creating a wine list for a restaurant, which order would you select: Alphabetize everything. By price, start with the cheapest bottles. By price, start with the most expensive bottles. Group