#626 - Richard Shotton - 8 Psychology Hacks Behind The World’s Biggest Businesses
Modern Wisdom
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The Power of Consistency and Fairness in Influencing Behavior
People's reaction in commercial situations is driven by fairness. A study showed that when people were asked to participate in an experiment for $7, 72% agreed. However, when another group was offered $8 but told that others were paid $10, only 54% agreed. This shows that people's willingness to participate is affected by the perceived fairness compared to others.
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