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Endowment effect. In psychology and behavioral economics, the endowment effect, also known as divestiture aversion, is the finding that people are more likely to retain an object they own than acquire that same object when they do not own it. [1][2][3][4] The endowment theory can be defined as "an application of prospect theory positing that ...
Example of psychological pricing at a gas station. Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round ...
Social influence comprises the ways in which individuals adjust their behavior to meet the demands of a social environment. It takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales, and marketing. Typically social influence results from a specific action, command, or request, but ...
Yet other researchers note that a detailed understanding of the relationship between affect and consumer behaviour has been hampered by the lack of research in the area. [144] Indeed, within the consumer behaviour literature, there is widespread agreement that the role of emotions is an area that is currently under-researched and is in need of ...
Attitude (psychology) Two children at a playground talking and demonstrating a positive attitude. An attitude "is a summary evaluation of an object of thought. An attitude object can be anything a person discriminates or holds in mind." Attitudes include beliefs (cognition), emotional responses (affect) and behavioral tendencies (intentions ...
Social psychology is the scientific study of how thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others. [1] Social psychologists typically explain human behavior as a result of the relationship between mental states and social situations, studying the social conditions under which thoughts, feelings, and behaviors occur, and how these variables ...
Complianceis a response—specifically, a submission—made in reaction to a request. The request may be explicit (e.g., foot-in-the-door technique) or implicit (e.g., advertising). The target may or may not recognize that they are being urged to act in a particular way. [1]
In psychology, cognitivism is a theoretical framework for understanding the mind that gained credence in the 1950s. The movement was a response to behaviorism, which cognitivists said neglected to explain cognition. Cognitive psychology derived its name from the Latin cognoscere, referring to knowing and information, thus cognitive psychology ...