Project #14622 - Expected Value & Consumer Choices

People value gains and losses differently under different scenarios. For example, contestants in a game show might choose a guaranteed $10 prize over a 50 percent chance of winning $20 despite the fact that the expected values are the same.

 

Write a 2 page paper in Word format. Apply APA standards to citation of sources.

-What is mental accounting and how does it impact consumer decision making?

-How might a company take advantage of consumers’ mental accounting? Give examples.

-As a marketer, how might you frame certain decisions to benefit from the disparities that arise in one’s cognitive accounting?

 

-As a consumer, how would you avoid the pitfalls posed by the inequalities of one’s cognitive accounting?

Subject Business
Due By (Pacific Time) 10/18/2013 12:00 am
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