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Payment Behavior and Behavioral Bias - Coggle Diagram
Payment Behavior and Behavioral Bias
Definition
Payment Behavior
What?
Controls
To verify
Customer's payment capacity
Payment instruments
Cash
Check
Circular
Banking
Bank transfer
Payment cards
Debit card
Prepaid card
Credit card
E-payments
Context with companies
The customer - company relationship
To need
To monitor
5 Payment Behaviors
Skipped Invoices
Large vs Small Invoices
Invoice Discounts
Batch Payments
Slow Payments
To exist
To solve payment problems
4 types of solutions
Speak with confidence
Speak with conviction
Speak with clarity
Make connections with your customer
Behavioral Bias
What?
Systematic Pattern
Deviation
Judgement
Norm
Rationality
Application
Psychology
Behavioral economics
Behavioral finance
2 Subtypes
Emotional biases
Cognitive biases
Case Study
Anchoring and adjustment heuristics
Real estate market context
Investigation
Between
University of Arizona Business School students
Real estate agents residing in Tucson (AZ)
To estimate
The value of a house
Based on information
Provided by the researchers
Data relating
2 more items...
The participants
Could
To visit
The house
The houses in the neighborhood
Received
The list price
The result
There ware no difference
Between their ratings
Implication
New informations
Is not considered
Anchor effect
Can affect
Other cognitive biases
Planning error
Spotlight effect
To influence
Our perception
Of a product
Is good or not
Theoretical
Background
Economic literature
Simon e Newell, 1972
Heuristic
Tversky e Kahneman, 1974
Anchoring and adjustment heuristics
Rizzello & Spada, 2008
Behavioral Bias
Cognitive biases
Ratcliff, 1961
Real estate investments
Galinsky & Mussweiler , 2001
To limit
Anchor effect
Final Conclusions
3 ways
Not to be influenced
By
Anchor effect
To slow down
Current decision-making process
To find
Another anchor
To reflect
On past experiences
The anchors
Are hard
To avoid