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08/03/19
Cognitive bias – how customers make decisions

Estimates suggest that up to 150 cognitive biases have been identified, with loss aversion a key finding by a factor of 2. Moreover, loss and risk aversion, spotlight, present and confirmation bias (most prevalent of all) moves customers to ignore the evidence before their eyes, results in over confidence and appears to lead to bad, apparently irrational, decision making. To gain more insight into this hugely important topic, check out the BBC’s Horizon documentary entitled ‘How You Really Make Decisions’, featuring the Nobel Laureate, Professor Daniel Kahneman.

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