Mar-3023 Lecture Notes - Lecture 7: Chief Operating Officer, Social Security Number, Dan Ariely
Document Summary
Tend to be visible to others, risky, and/or expensive. Products that tend to be less expensive and have less associated risk. Shoppers describe individual coupon users and even the people standing near them as. But the group part of groupon eliminates this effect. People were asked for the last two digits of their social security number. This number was translated to dollars, so 98 was converted to . Substantial correlation between ssn and how much they were willing to pay. This shows how important it is to in uence the rst decision. Choices made with little to no conscious effort. Requires a moderate amount of time for information gathering. Familiar with the product class but not the brand. The consumer tries to gain as much information as possible from both internal (memory) and external (advertising) sources. The decision is made by considering all of the attributes and considering how each brand rates on each attribute.
