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PSYCHOLOGICAL PHENOMENA AND BIASES, The Truth About Relativity,…

- - - - Clothing can also represent authority or expertise, such as a police uniform or a doctor's lab coat.
    - - Titles like doctor, professor,..., represent expertise and authority, making people more likely to trust and follow them.
    - - Assets can represent power and social status, showing the success and influence of their owner, making others trust them.
  - - - Refers to individuals who hold a position of power and can commands. Ex: President, Police
    - - Individuals recognized as knowledgeable or experts in a particular field, whose advice is often trusted and followed. Ex: Doctor, Professor.
- - - - People tend to like those who give them compliments.
    - - Familiarity through frequent contact can
        makes people more likely to like someone.
    - - Positive emotions from the past can make us like someone if they remind us of good memories.
    - - People tend to like those who is good-looking
    - - People tend to like those who share similarities with them, such as interests, beliefs,...
- - - - Motivation
        
        Market Norm: Actions driven by personal or financial benefits, decisions based on exchange value.
        
        Social Norm: People follow social norms to maintain relationships, help others, or respect shared values.
    - - Social norms and market norms conflict because social norms focus on helping without expecting anything in return, while market norms are based on fair exchanges with corresponding benefits. When they overlap, social norms can become distorted, turning help into conditional exchanges for material gain.
- - - - The tendency to rely on initial information (the "anchor") to make decisions, using it as a reference point to evaluate subsequent values, often leading to evaluations based on the anchor rather than actual quality.
    - - If you see a $500 watch and then a similar one priced at $400, you may think the $400 watch is cheap, even though its actual quality may not justify the price.
  - - - Anchoring challenges traditional supply and demand theory, showing that consumer decisions are influenced not only by preferences or market conditions but also by anchors. Instead of market prices being determined by supply and demand, anchoring suggests that prices set by the supply side can affect how demand perceives value, changing purchasing decisions.
    - - Initially, black pearls had no value, but after being sold at a high price by a famous jewelry brand, consumers began to see them as valuable and were willing to pay a lot of money for them