The research showed that we, human, do not make decision on rational basis as economists long believed but tend to do all sort of things much under the control of our emotions. For example: You promise wake up early, do homework then go to class on time but end up doing exactly what you didn't intend to do: lying in your bed till noon. The reason for the procrastination is our underestimation of the seriousness if not doing what was planned or trying to rationalize our choices towards our bias rather than rational judgements on facts. One of the methods to reduce regrets and make more good decisions is to "Step back and do what you will tell you best friend to do."
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1 comment:
So how can this be related to economic choices? If we don't make decisions rationally like the article reports, how can the market change to appeal to our emotions? This is similar to an article I posted a couple weeks ago about how people make riskier choices when they feel socially isolated. I'm thinking how these emotional responses can be provoked in something as simple as marketing...it's gotta take some serious psycho-analysis of human emotions to create an ad that can rouse emotions like those you've mentioned, and turn them into reasons to consume.
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