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Decoy Effect
In marketing, the decoy effect (or attraction effect or asymmetric dominance effect) is the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is ''asymmetrically dominated''. An option is asymmetrically dominated when it is inferior in all respects to one option; but, in comparison to the other option, it is inferior in some respects and superior in others. In other words, in terms of specific attributes determining preferences, it is completely dominated by (i.e., inferior to) one option and only partially dominated by the other. When the asymmetrically dominated option is present, a higher percentage of consumers will prefer the dominating option than when the asymmetrically dominated option is absent. The asymmetrically dominated option is therefore a decoy serving to increase preference for the dominating option. The decoy effect is also an example of the violation of the independence of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decoy
A decoy (derived from the Dutch ''de'' ''kooi'', literally "the cage" or possibly ''ende kooi'', " duck cage") is usually a person, device, or event which resembles what an individual or a group might be looking for, but it is only meant to lure them. Decoys have been used for centuries most notably in game hunting, but also in wartime and in the committing or resolving of crimes. Hunting In hunting wildfowl, the term decoy may refer to two distinct devices. One, the duck decoy (structure), is a long cone-shaped wickerwork tunnel installed on a small pond to catch wild ducks. After the ducks settled on the pond, a small, trained dog would herd the birds into the tunnel. The catch was formerly sent to market for food, but now these are used only by ornithologists to catch ducks to be ringed and released. The word ''decoy'', also originally found in English as "coy", derives from the Dutch ''de Kooi'' (the cage) and dates back to the early 17th century, when this type of d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independence Of Irrelevant Alternatives
The independence of irrelevant alternatives (IIA), also known as binary independence or the independence axiom, is an axiom of decision theory and various social sciences. The term is used in different connotation in several contexts. Although it always attempts to provide an account of rational individual behavior or aggregation of individual preferences, the exact formulation differs widely in both language and exact content. Perhaps the easiest way to understand the axiom is how it pertains to casting a ballot. There the axiom says that if Charlie (the irrelevant alternative) enters a race between Alice and Bob, with Alice (leader) liked better than Bob (runner-up), then the individual voter who likes Charlie less than Alice will not switch his vote from Alice to Bob. Because of this, a violation of IIA is commonly referred to as the "spoiler effect": support for Charlie "spoils" the election for Alice, while it "logically" should not have. After all, Alice ''was'' liked better ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Axiom
An axiom, postulate, or assumption is a statement that is taken to be true, to serve as a premise or starting point for further reasoning and arguments. The word comes from the Ancient Greek word (), meaning 'that which is thought worthy or fit' or 'that which commends itself as evident'. The term has subtle differences in definition when used in the context of different fields of study. As defined in classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. As used in modern logic, an axiom is a premise or starting point for reasoning. As used in mathematics, the term ''axiom'' is used in two related but distinguishable senses: "logical axioms" and "non-logical axioms". Logical axioms are usually statements that are taken to be true within the system of logic they define and are often shown in symbolic form (e.g., (''A'' and ''B'') implies ''A''), while non-logical axioms (e.g., ) are actua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Theory
Decision theory (or the theory of choice; not to be confused with choice theory) is a branch of applied probability theory concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome. There are three branches of decision theory: # Normative decision theory: Concerned with the identification of optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rational. # Prescriptive decision theory: Concerned with describing observed behaviors through the use of conceptual models, under the assumption that those making the decisions are behaving under some consistent rules. # Descriptive decision theory: Analyzes how individuals actually make the decisions that they do. Decision theory is closely related to the field of game theory and is an interdisciplinary topic, studied by economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration Set
Consideration set is a model used in consumer behaviour to represent all of the brands and products a consumer evaluates before making a final purchase decision. The term consideration set was first used in 1977 by Peter Wright and Fredrick Barbour. The consideration set is a subset of the awareness set, which is all of the brands and products a consumer initially thinks of when faced with a purchasing decision. The awareness set is filtered into the consideration set through the consumer's individual thoughts, preferences, and feelings – such as price, mood, previous experiences, and heuristics. Conversely, products that do not meet the criteria for the consideration set are either placed into the inert set or the inept set. These sets are fluid and the products in each set can change rapidly when the consumer is presented with new information. Set hierarchy and theory Consider the universal set, U, to be the set of all products and brands which will satisfy a given need. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smartphone
A smartphone is a portable computer device that combines mobile telephone and computing functions into one unit. They are distinguished from feature phones by their stronger hardware capabilities and extensive mobile operating systems, which facilitate wider software, internet (including web browsing over mobile broadband), and multimedia functionality (including music, video, cameras, and gaming), alongside core phone functions such as voice calls and text messaging. Smartphones typically contain a number of metal–oxide–semiconductor (MOS) integrated circuit (IC) chips, include various sensors that can be leveraged by pre-included and third-party software (such as a magnetometer, proximity sensors, barometer, gyroscope, accelerometer and more), and support wireless communications protocols (such as Bluetooth, Wi-Fi, or satellite navigation). Early smartphones were marketed primarily towards the enterprise market, attempting to bridge the functionality of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gigabyte
The gigabyte () is a multiple of the unit byte for digital information. The prefix '' giga'' means 109 in the International System of Units (SI). Therefore, one gigabyte is one billion bytes. The unit symbol for the gigabyte is GB. This definition is used in all contexts of science (especially data science), engineering, business, and many areas of computing, including storage capacities of hard drives, solid state drives, and tapes, as well as data transmission speeds. However, the term is also used in some fields of computer science and information technology to denote (10243 or 230) bytes, particularly for sizes of RAM. Thus, prior to 1998, some usage of ''gigabyte'' has been ambiguous. To resolve this difficulty, IEC 80000-13 clarifies that a ''gigabyte'' (GB) is 109 bytes and specifies the term ''gibibyte'' (GiB) to denote 230 bytes. These differences are still readily seen for example, when a 400 GB drive's capacity is displayed by Microsoft Windows as 372 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scatter Plots
A scatter plot (also called a scatterplot, scatter graph, scatter chart, scattergram, or scatter diagram) is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data. If the points are coded (color/shape/size), one additional variable can be displayed. The data are displayed as a collection of points, each having the value of one variable determining the position on the horizontal axis and the value of the other variable determining the position on the vertical axis. Overview A scatter plot can be used either when one continuous variable is under the control of the experimenter and the other depends on it or when both continuous variables are independent. If a parameter exists that is systematically incremented and/or decremented by the other, it is called the ''control parameter'' or independent variable and is customarily plotted along the horizontal axis. The measured or dependent variable is cus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independence Of Irrelevant Alternatives
The independence of irrelevant alternatives (IIA), also known as binary independence or the independence axiom, is an axiom of decision theory and various social sciences. The term is used in different connotation in several contexts. Although it always attempts to provide an account of rational individual behavior or aggregation of individual preferences, the exact formulation differs widely in both language and exact content. Perhaps the easiest way to understand the axiom is how it pertains to casting a ballot. There the axiom says that if Charlie (the irrelevant alternative) enters a race between Alice and Bob, with Alice (leader) liked better than Bob (runner-up), then the individual voter who likes Charlie less than Alice will not switch his vote from Alice to Bob. Because of this, a violation of IIA is commonly referred to as the "spoiler effect": support for Charlie "spoils" the election for Alice, while it "logically" should not have. After all, Alice ''was'' liked better ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Cognitive Biases
Cognitive biases are systematic patterns of deviation from norm and/or rationality in judgment. They are often studied in psychology, sociology and behavioral economics. Although the reality of most of these biases is confirmed by reproducible research, there are often controversies about how to classify these biases or how to explain them. Several theoretical causes are known for some cognitive biases, which provides a classification of biases by their common generative mechanism (such as noisy information-processingMartin Hilbert (2012) "Toward a synthesis of cognitive biases: How noisy information processing can bias human decision making"'. Psychological Bulletin, 138(2), 211–237; free access to the study here: https://www.martinhilbert.net/toward-a-synthesis-of-cognitive-biases/). Gerd Gigerenzer has criticized the framing of cognitive biases as errors in judgment, and favors interpreting them as arising from rational deviations from logical thought. Explanations include ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Menu Dependence
Roughly speaking, in decision theory, game theory, and rational choice, menu dependence arises when the evaluation of alternatives for choice or the mode of selection guiding choice varies parametrically with what collection of alternatives is available for choice (i.e., with what "menu" or decision problem a decision maker is facing). Menu dependence can be accompanied by violations of various so-called consistency (or coherence) constraints, such as Sen's condition α (also known as Chernoff's Axiom, a contraction condition) and Sen's conditions γ and β (expansion conditions). While the phenomenon can arise in a variety of ways, menu dependence is often informally associated with a change in a decision maker's preferences among alternatives with the addition of irrelevant alternatives. See also * Decoy effect * '' Predictably Irrational'', book by Dan Ariely Dan Ariely ( he, דן אריאלי; born April 29, 1967) is an Israeli-American professor and author. He serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
