TIP 022 : Influence - The Psychology of Persuasion - Robert Cialdini's Book (Investing Podcast)
We Study Billionaires - The Investor’s Podcast Network
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The Power of Authority and Scarcity in Influencing Behavior
This chapter delves into the Milgram experiment showcasing the significant influence of authority on obedience, with 65% of participants administering shocks despite the student's distress. It explores power distance across cultures and how authority figures can sway behavior. Additionally, it discusses the scarcity principle's impact, demonstrating how scarcity drives actions, affects perceived value, and influences decision-making in various scenarios.
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