Apple unveiled its new iPod priced

16GB for $229. 32GB for $299. and 64GB for $399.

In other words, double the storage for a further $70; you also get more features.

However, if you choose to double the capacity (32GB to 64GB), you pay a further $100, but you don’t get extra fea...

Imagine you are in a movie house and now are searching for a cola drink. You have got two options. The cheapest is at Rs 200/-for 200 ml.

The pricier at Rs 400 for 450 ml.

Which one you select will rely upon some assessment of their relative value for money.

It is not immediatel...

The decoy effect is simplest when there are only three options in play: target, competitor, and decoy. Whether you’re out shopping, or you’re evaluating political candidates, try and notice when things take place in groups of three — there could also be a decoy within the mix.

When consumers have many alternatives, they often experience “choice overload.” In an endeavour to cut back on this anxiety, consumers tend to simplify the method by selecting only a pair of criteria (say price and quantity) to see the simplest value for money.

Through manipulating these ke...

The decoy effect is defined as the phenomenon whereby consumers change their preferences between two options when presented with a third option — the “decoy.”

ven though we believe that we make all of our decisions consciously and deliberately, in reality, we are often unaware of things that have influenced our choices or how they need to affect us.

Decoys justify our choice.

When people make decisions, their goal isn’t to select the right ...

Your thinking style plays a role in how likely you’re to be laid low by the decoy effect. One study, which involved over 600 participants, found that the people most affected by a decoy were those who relied on intuitive reasoning.

Decoys are a commonly used tool by businesses and corporations to “nudge” us into buying more quickly than we’d like.