>>>
>>> WE
>>> WE ALL TRY TO SAVE MONEY WHEN WE ARE SHOPPING BUT OUR
BRAINS CAN INFLUENCE US WITHOUT
BEING AWARE OF IT.
FIVE TIPS TO BE A BEHAVIORAL
ECONOMIST.
ECONOMIST. WHAT DOES IT MEAN TO BE A
BEHAVIORAL ECONOMIST?
BEHAVIORAL ECONOMIST? >> IT'S BEHIND WHY PEOPLE
PURCHASE WHAT THEY BUY AND
WHERE TRADITIONAL ECONOMIC
MODELS THINKING VERY MAKING
RATIONAL CHOICES.
RATIONAL CHOICES. BEHAVIORAL ECONOMICS CAN
PREDICT BEHAVIOR AND UNDERSTAND
WHAT THEY SHOULD DO RATHER THAN
WHAT WE SHOULD.
>> WE WERE WARNED AHEAD OF TIME
ABOUT THE STRATEGY AND YOU CAN
SEE JUST BECAUSE IT IS ON THE
END OF THE AISLE DOESN'T MEAN
IT'S IMPORTANT.
IT'S IMPORTANT. >> THE SUBCONSCIOUS MAKES 99%
OF OUR DECISIONS.
YOU CAN'T BE TOTALLY ON TOP OF
EVERYTHING BUT IF YOU HAVE A
GOOD PLAN THAT CAN HELP YOU
WHEN YOU ARE SHOPPING IF YOU'RE
PRONE TO OVERSPENDING.
>> THIS COVERS TIP NUMBER ONE
AND UNDERSTAND HOW YOUR BRAIN
MAKES DECISIONS.
MAKES DECISIONS. YOU MAY THINK YOU ARE BEING
SMART BUT YOU ARE USUALLY DOING
SOMETHING IMPULSIVE.
SOMETHING IMPULSIVE. >> OUR BRAINS ARE VERY
HABITUAL.
HABITUAL.
HABITUAL. THE SUBCONSCIOUS IS MAKING
CHOICES BASED ON WHAT HAS
WORKED IN THE PAST.
IN THE SUBCONSCIOUS IS LOOKING
FOR REWARDS LIKE DOPAMINE AND
OXYTOCIN AND SUGAR AND IT WANTS
TO BE HAVING FOR US SO IS THE
DRIVING THAT TRAIN TRAIN.
BE AWARE OF THE NUMBERS YOU SAY
FOR EXAMPLE THE 10 FOR $10.
>> RATE.
>> RATE.
>> RATE. PEOPLE WILL BUY MORE WHEN
SOMETHING IS 10 FOR $10 INSTEAD
OF $1 REACH EVEN THOUGH IT'S
EXACTLY THE SAME THING.
>> I DON'T NEED 10.
>> IT CAN BE CANS OF SOUP OR
THINGS LIKE THAT AND THE LIMIT.
SOUPS ON SALE LIMITS 12 PEOPLE
WILL BUY MORE THAN IF THERE IS
NO LIMIT LISTED AS NOT AT ALL
EVEN THOUGH YOU COULD HAVE
BOUGHT 100 AND HAVING THAT BIG
NUMBER THERE MAKES IT SO IT'S
LOCKED IN.
LOCKED IN. >> YOU THINK THIS CAN BE SUCH A
GOOD DEAL. KEEP AN EYE OUT FOR
COMPARISONS.
COMPARISONS. EXPLAIN HOW THIS WORKS.
>> THIS IS A CONCEPT CALLED
RELATIVITY AND THE COMBINES
WITH THE BIG NUMBERS.
IF YOU GO AT THE FRIENDS OF THE
STORE AND THERE ARE TVS THERE
FOR $5000 OR AN AD FOR A
TELEVISION AT THE TOP OF GOOGLE
OR AMAZON THAT'S FOR 5000.
WHEN YOU GET BACK TO THE STORE
AND THE TELEVISIONS ARE 2500
AND FEELS LIKE A BETTER FEEL
DEAL IF THERE WERE TO HAVE BEEN
A THOUSAND DOLLAR TV OR $25,000
TV. NOW IT SAID THAT HIGH ANCHOR
AND YOU WORK UP OR DOWN.
>> SETS OF POINT IN YOUR BRAIN
WITHOUT BEING AWARE.
>> YOU SAY CONSIDER THE FRAME
AND THIS IS SUPER IMPORTANT.
WE DO THIS WITH CONTENT WITH
THINGS IN FOOD.
>> THIS IS MY FAVORITE CONCEPT.
IF YOU WERE TO PURCHASE GROUND
BEEF AND YOU SEE 90% FAT-FREE
AND 10% FAT ONE FEELS BETTER
EVEN THOUGH THEY ARE EXACTLY
THE SAME THING.
IF YOU DID NOT HAVE A LIST OR A
PLAN AND THERE WAS SOMETHING
YOU WERE NOT GOING TO BUY AND IT
LOOKS LIKE A GOOD DEAL.
FLIP THE FRAME AND SAY FOUR OUT
OF FIVE DENTISTS RECOMMEND THIS
AND THAT MEANS ONE DENTIST SAID
THIS IS BAD.
>> 20% OF THE DENTISTS.
>> JUST THE WAY IT IS LOCATED.
CAN YOU TELL US THE WAY STORES
ARE ORGANIZED AND WHAT THEY
NEED TO BE PREPARED FOR WHEN
YOU WALK IN.
>> BE AWARE AT THE FRONT OF THE
STORE THEY HAVE THOUGHT
RELATIVITY DEALS THAT ARE
BRINGING YOU IN.
OFTEN IT IS SETTING YOU UP FOR
THE EXPERIENCE FOR WHAT YOU
FIND THROUGHOUT THE STORE.
HAVING A PLANNED SO YOU DON'T
GET OVERWHELMED.
GET OVERWHELMED. CARRY A LIST BUT THE REASON YOU
REALLY NEEDED IS BECAUSE OUR
BRAINS GET OVERWHELMED SO
EASILY IT'S AMAZING.
THEY HAD TWO GROUPS OF PEOPLE.
WHEN REMEMBERING SEVEN AND THE
OTHER TWO.
OTHER TWO. HE SEEMS IT'S EASY ENOUGH AND
THEY DO SOME TASKS AND ONE HAD
TO PICK A SNACK.
THOSE WITH THE TWO IT NUMBER
SHOWS FRUIT SALAD AND THOSE WHO
REMEMBERED THE SEVEN DIGIT WORLD
LIKELY TO BUY CHOCOLATE CAKE.
THE CONSCIOUS BRAIN WAS BOGGED
DOWN WITH THIS ONE, TWO, THREE,
FOUR, FIVE, SIX, SEVEN.
YOUR SUBCONSCIOUS TAKES OVER
AND YOU WILL BE MORE SUBJECTIVE
TO THOSE NUMBERS.
>> THAT IS OUR FIRST TIP.
OVERWHELMED BRAINS MAKE
IMPULSIVE DECISIONS.
IMPULSIVE DECISIONS. THAT MIGHT BE PRACTICAL FOR
GOING HOME FROM WORK AND I'M
THINKING ABOUT THE NEXT THING
WE RUN INTO AND THAT'S WHEN I
MIGHT BUY THAT BAG OF DARK
CHOCOLATE TRUFFLES.
CHOCOLATE TRUFFLES. >> OR IF YOU HAVE KIDS WITH YOU
AND YOU ARE BUSY AND YOU WILL
QUICKLY GRAB A COUPLE OF THINGS
AND YOU GET TO THE REGISTER AND
SAY HOW DID I END UP WITH ALL
OF THESE THINGS.
>> THAT'S WHAT HAPPENS.
I SEE PARENTS WITH LITTLE KIDS.
ALL THE STUFF THAT'S PACKED
AROUND THE CASH REGISTER OR ANY
OTHER AREA WHERE YOU HAVE TO
WAIT AND THERE ARE TRICKY
THINGS THERE ALL OVER THE
PLACE.
PLACE.
PLACE. >>
PLACE. >> SALES OF GONE WENT DOWN A
WHOLE LOT WHEN THE IPHONE CAME
OUT BECAUSE IT WAS A DISTRACTION
AND NOW WILL YOU BE MORE LIKELY
TO CHECK INSTAGRAM?
WHAT IS THERE TO BUY.
>> THAT'S BEING LOOKED INTO A
LOT LIKE WHAT IS IT?
AND THE THING IS FOR BUSINESSES
IT'S NOT BAD TO HELP PEOPLE TO
SEE WHAT'S A GOOD PRODUCT BUT
KNOWING THAT IT'S JUST HARD TO
BREAK THROUGH THE SUBCONSCIOUS
FILTER AND ON THE CONSUMER SIDE
MAKING THE RIGHT CHOICES.
>> WHERE CAN WE GET MORE
INFORMATION LIKE THIS?
>> I HAVE A PODCAST CALLED THE
BRAINY BUSINESS AND HOW TO MAKE
BETTER DECISIONS AND A LOT OF