Familiarity bias and Endowment effect - Deepstash

Familiarity bias and Endowment effect

Familiarity bias is another reason people dislike redesigns. It refers to a mental phenomenon where people opt for the more familiar options, even though these often result in less favorable outcomes than available alternatives.

The Endowment Effect could also be a reason how people tend to assign a greater value to an object that they own, rather than an object that they don’t. In the case of the redesign, this phenomenon can lead users to prefer the existing version.

21

80 reads

CURATED FROM

IDEAS CURATED BY

yugjain

Generalist. Great minds discuss ideas, average minds discuss events, small minds discuss people.

The idea is part of this collection:

Top 7 TED Talks On Customer Success

Learn more about psychology with this collection

How to create customer-centric strategies

The importance of empathy in customer success

The impact of customer success on business growth

Related collections

Similar ideas to Familiarity bias and Endowment effect

The Hindsight Bias

A bias that many people including historians, experts and physicians encounter is the hindsight bias, which makes them think they knew how an event would turn out before it happened. It is the tendency for people to perceive past outcomes as having been more predictable ...

Negativity bias and decision making

We make decisions based on the information that we have. However, we tend to be more reliant on the negative more than the positive. This causes two outcomes:

  1. Risk aversion – where we prefer an assured outcome over a gamble with a higher expected outcome; and

    ...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates