Logic of Illogic: Bounded Rationality

Jeongmin Lee (), Wujin Chu () and Chris Baumann ()
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Jeongmin Lee: Gachon University
Wujin Chu: Seoul National University
Chris Baumann: Macquarie University

Chapter Chapter 8 in The Psychology Behind Design, 2024, pp 113-129 from Springer

Abstract: Abstract Retailers do this trick to make things seem lighter on our wallets than they actually are. Even when we're totally aware that $49.99 is just a penny shy of $50, we often find ourselves gloating over a seeming bargain for a neat $40 something, telling others, “Hey, I just picked up this thing for 40 bucks!” This odd phenomenon is known as the left-digit effectLeft-digit effect, a psychological quirk retailers apply to their advantage.

Date: 2024
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DOI: 10.1007/978-981-97-3426-9_8

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