Understanding cognitive bias and behaviour (Double Your Price: Part 8)

This extract, from a book about pricing strategy, explores the concept of cognitive bias and how it affects consumer behaviour. The author discusses various biases, such as priming, decreasing sensitivity, loss aversion, source, and anchoring bias. He argues that these biases can lead to irrational decision-making, which companies sometimes leverage to influence customer choices and increase prices. The author also offers practical advice on how to identify and mitigate these biases in one's own organisation, ultimately advocating for more rational decision-making. Double Your Price: The Strategy and Tactics of Smart Pricing - Winner of The Sales & Marketing Book 2024, Business Book Awards. https://www.amazon.com/Double-Your-Price-Strategy-Tactics/dp/1292426349/ https://www.amazon.co.uk/Double-Your-Price-Strategy-Tactics/dp/1292426349/ Audio provided by NotebookLM AI.