Optical illusions in behavioral economics. Behavioural and experimental economics

• An experience of seeming to see something which does not exist or is other than it appears.
- cognitive illusions.
Optical illusion history
Plato, a Greek philosopher, said that the trickery and the reality of the optical illusions were due to both the mind and the senses. Since then, other notable personalities studied the mystery behind the optical illusion.
Johannes Mueller and J.J. Oppel
Psychologists In the 19th century, Muller and Oppel performed various studies related to finding out of how people perceive optical illusions. They published several articles and wrote numerous books, which reignited people’s interest in optical illusions. Both of them proposed twelve theories, explaining the unexplainable phenomenon. Still, the concept of optical illusions wasn’t clear and the debate on them continued.
What is an optical illusion in behavioural economics...?
Optical illusion in behavioural economics
This term can be explained using the previous concept:
Optical illusion - an experience of seeming to see something which does not exist, or that is not what it appears to be, which influences consumers' economic decisions.
Charm pricing
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Charm pricing
• Charm pricing, also known as psychological pricing, is a pricing strategy that uses odd numbers—often nines—to demonstrate perceived value to shoppers and convince them to buy.
• consumers often focus on the first number rather than the last number, which makes it seem like they are saving more;
• many shoppers buy based on emotions;
• rices that end in nines or other numbers are often indicative of sale.
Dual model of decision making
Daniel Kahnemann, the winner of the 2002 Nobel prize in Economics popularisd a dual model of decision making. He suggests that our brain formulates thought two ways: System 1 and System 2.
• System 1 is intuitive, unconscious, automatic, fast and effortless — you employ it when I ask you what’s 2x2 or when you are doing your daily commute to work.
• System 2,...

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