Espresso - Rory Sutherland on The Brilliance of "Thinking Fast and Slow" by Daniel Khaneman
HUNGRY.
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The Psychology of Consumer Choices: Sunk Costs and Upgrades
This chapter explores consumer behavior in restaurant settings, particularly the psychology behind decision-making and the concept of 'sunk cost.' Using Chipotle orders as an example, it highlights how initial investments lead individuals to make further spending choices and reinforce previous commitments.
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Transcript
