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Logic of Illogic: Bounded Rationality

In: The Psychology Behind Design

Author

Listed:
  • Jeongmin Lee

    (Gachon University)

  • Wujin Chu

    (Seoul National University)

  • Chris Baumann

    (Macquarie University)

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.

Suggested Citation

  • Jeongmin Lee & Wujin Chu & Chris Baumann, 2024. "Logic of Illogic: Bounded Rationality," Springer Books, in: The Psychology Behind Design, chapter 0, pages 113-129, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-3426-9_8
    DOI: 10.1007/978-981-97-3426-9_8
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