Ever found yourself buying something you didn’t really need, because it was on sale? Or how about sticking with a subscription you haven’t used in months? You're not alone, and you're not entirely to blame. These are examples of how behavioral economics, the theory of how people actually behave (not just how they should), quietly steers our choices every single day.
From the way things are priced to why we make impulsive decisions, the theory can shine a light on how compelling emotions can be when you're making a decision. When we realize how marketers use the principles of behavioral economics to sell, we are in a better position to make mindful decisions and resist manipulation.
In this gallery, we'll look at some of the concepts of
behavioral economics that show up in real life. Intrigued? Click on for more.