Bounded rationality is part of a wider part of economics that looks at how we decide between different choices (or prospects), called prospect theory. Prospect theorists think we’re loss-averse; we… Read More
1 year ago
Dark Kitchens / Ghost Kitchens / Cloud Kitchens / Virtual Kitchens are fully equipped kitchens that you can find in most of the restaurants but they don’t have dine-in or… Read More
1 year ago
The Pygmalion effect is a psychological phenomenon wherein high expectations lead to improved performance in a given area. Read More
1 year ago
The easy thing to do is to ask someone “Hey, pick a random number from 1 to 10!”. The person replies “7!”. Great! Now you have a number. However, you… Read More
1 year ago
In economic terms, there is a diminishing marginal benefit. This is related to the law of diminishing returns: each additional hour of effort, each extra worker is adding less “oomph”… Read More
1 year ago
First expressed in an article by Theodore Levitt in Harvard Business Review, it is a short-sighted and inward-looking approach to marketing which focuses on fulfillment of immediate needs of the… Read More
1 year ago
How do you pronounce the letters S-H-O-P? and What do you do at a green (traffic) light? Priming is the psychological phenomenon in which the exposure of the stimuli influences… Read More
1 year ago
“The sunk cost effect is the general tendency for people to continue an endeavor, or continue consuming or pursuing an option if they’ve invested time or money or some resource… Read More
1 year ago
A type of illusory superiority, it is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Source: Medium To… Read More
1 year ago
Blockchain technology has gathered a lot of attention in recent times but for its usage in cryptocurrencies like Bitcoin. The capabilities of this technology are not restricted to the innovation… Read More
2 years ago
What does the phrase 'You Only Live Once' conjure in your mind? Is it the possibility of being limitless or the adventure associated with brevity or the recklessness? The expression… Read More
2 years ago
Red is a very strong color. Noticeable color: caution and warning signs. Powerful emotion of passion, lust, sex, energy, blood and war. Read More
3 years ago