Recently I was reading some research about how people respond differently depending on timescales. Researchers at Princeton gauged people’s reactions when they were offered a choice between receiving a $15 Amazon voucher today, or a $20 one in the future (two or four weeks later). $15 $20 Now Later Rationally the response should be the same – none of the participants was actively seeking an Amazon voucher, they didn’t need one at that moment in time, so why not wait and get the larger amount in a couple of weeks, right? In my experience it’s almost always a mistake to think that consumers will make rational decisions; when it comes to consumer behaviour they rarely do. So what did the research find and what are the potential implications? What was revealing was the way in which people’s brains reacted to the alternatives: scans showed that the chance to […]

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