Another example of how easy it is to be unaware of being manipulated
What are some examples of the real-world use of behavioral economics?
One of the primary questions in this particular study was how do purchase quantity limits (ex. Limit of 12) influence consumer behavior? Cans of soup were marked down from $.89 to $.79, and three grocery stores offered a different purchase quantity limit:
1. No Limit
2. Limit of 4
3. Limit of 12
The study shows that the purchase quantity limit affected the number of soup cans the customer purchased.
- Customers that saw "No Limit" on average purchased 3.3 cans
- Customers that saw "Limit of 4" on average purchasedand 3.5 cans.
- Customers that saw "Limit of 12" on average purchased 7.0 cans.