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#626 - Richard Shotton - 8 Psychology Hacks Behind The World’s Biggest Businesses
Modern Wisdom
The Negative Effects of Base Rate Neglect
I get the sense that it would be more effective when you are looking at a menu or a list of items that are very easily comparable. But if Barker and Stone House were to put an incredibly expensive lamp up top, I wonder how much that crosses over when you're in there to shop for something else. The same thing goes, I find it very difficult to gauge the quality off the price of supplement brands. So I wonder whether the breadth of the product range allows that anchor to almost decay in some way?Yeah, I mean, I think that's a really interesting hypothesis. People are going to create their own mental comparison set. And ideally you want to be setting a high anchor within
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