Bad Decisions

Latest Episodes:

Peak-End Rule: Why we all love a lolly bag Apr 11, 2018

Show notes

We’d like to think it’s all about the journey, but our brain prefers to remember the outcome. In this episode, Mel and Dan discuss the peak-end rule, and how neglecting to pay attention to the end could be costing you dearly.

Sunk Cost: Why we behave so badly at the buffet Mar 28, 2018

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Everybody makes bad decisions, but how do we make amends? Turns out our instincts often guide us to follow bad decisions with worse decisions. In this episode, Mel and Dan explore the sunk cost fallacy, and how knowing when to cut your losses can be the smartest decision of all.

Default Bias: Why Australians take their organs to the grave Mar 14, 2018

Show notes

With thousands of decisions to make every day, wouldn’t it just be way easier if some of them were made for us? In this episode, Mel and Dan unpack how the default bias influences everything from binge-watching to voter turnout, and explain how marketers can become the Kleenex of their category.

Licensing Effect: Why we order Diet Coke with our large Big Mac meals Dec 27, 2017

Show notes

Ever gone shopping for someone else and decided you deserved a gift too? In this episode, Mel and Dan explore the dark side of altruism, and how the decisions we make are often guided by a desire to balance out our emotional states.

Temporal Discounting: Why we want $10 today, not $15 tomorrow Dec 13, 2017

Show notes

Despite our best intentions, selecting options that provide sensible, long term benefits over impulsive, short term ones, seems pretty much impossible. In this episode, Mel and Dan explore how our desire for instant gratification can be used to market products for today, as well as products for tomorrow.

Anchoring: Why we spend too much on BBQs Nov 29, 2017

Show notes

When we’re trying to determine the value of something, we tend to place far too much reliance on the first piece of information we stumble across. In this episode, Mel and Dan look at ways that pricing strategies influence our judgement, and how game shows make us feel like losers when we’re actually winning.

Confirmation Bias: Why black Jeeps are everywhere Nov 15, 2017

Show notes

Turns out we really love being right. So much so that our brains systematically ignore things that don’t fit with what we already believe to be true. In this episode Mel and Dan look at how marketers can make the most of what customers already believe.

Social Proof: Why we knowingly make stupid choices with our friends Nov 01, 2017

Show notes

If all of our friends jumped off a cliff, chances are we would too. Same goes if that cliff is a new restaurant, movie or fashion label. In this episode, Mel and Dan look at how our innate desire for social connection can be a marketer’s best friend.

Endowment Effect: Why we always sit in the same damn seat Oct 18, 2017

Show notes

Cars, homes, pens, mugs - it doesn’t matter what it is - if it’s ours, chances are we'll think it's more valuable than it really is. In this episode, Mel and Dan look at why we're always going to be disappointed when we sell something second hand, and how marketers can make their products irrationally valuable in the eyes of consumers.

Choice Paradox: Why it’s so hard to choose a hamburger Oct 04, 2017

Show notes

We all want more choices, right? Well, no. Not according to the data anyway. In this episode Mel and Dan look at how choice can adversely affect our ability to make decisions, as well as what good marketers can do to tip things in their favour.

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