Consumer Behavior Anomalies Research

Question Description

Below are a handful of anomalies/phenomena you should know. Each stems from Behavioral Economics and contradicts Rational Choice Theory.

  1. Winner’s Curse
  2. Status Quo Bias
  3. Hyperbolic Discounting
  4. The Cognitive Miser
  5. The Framing Effect
  6. Confirmation Bias
  7. Norm of Reciprocity
  8. The Illusory Truth Effect
  9. Altruism
  10. Analysis Paralysis
  11. Omission Neglect
  12. Anchoring Effect

Your task is this:

Research all 12 of the above Consumer Behavior anomalies. Keep notes containing the information you collect on each. Pay particular attention to not only their definitions, but their causes, ways to overcome them (if appropriate), major researcher(s) associated with them, and most importantly, know the subtle differences between them. You should acquire as much additional information as you see fit. These notes should be typed in digital form

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