The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics cover image

275.The Illusion of Choice with Richard Shotton

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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The Power of Precision

There is a lovely study from a psychologist called Santos who coined an idea called the peak effect. He says people are more likely to give and they give more money if you ask for that precise number. And so we definitely feel like the round numbers you see a lot, right? So I feel like there's a bit of herding maybe that comes in there where it's like, well, everybody else does that. That's how we should do it. Maybe that's a little bit of why the precision stands out differently.

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