In this case, while the price for the reindeer items may be a discount from Inno’s regular ‘store’ prices, by placing it as a reward, the ‘anchor’ for assessing value is that rewards are typically expected to be ‘free’.Ħ) As seen by numerous comments and complaints on this forum, many beta forum users said they were upset because they thought the items should be free i.e. NB: you might benefit by reviewing the differences between primary data (data one collects) vs secondary data (Data others collect, that one uses).ģ) In this case, behavioral economics (BE) suggests that folks will tend to be reluctant to lose anytime of perceived value (in this case diamonds) for something of lesser value, even if classical economics predicts it would be rationale for them to do so, as the diamonds were 'free').ĥ) For example, the BE concept of “Anchoring”-the tendency to give disproportionate weight to benchmark price-can drive purchasers’ reactions to pricing far more than “objective” arguments. The models are tested against various real life and scenarios, to see how well prediction fits with observations. How about doing reading and reflecting on behavioral economics (BE) first? Try searching for undergraduate -level articles by Daniel Kahneman and Amos Tversky.Ģ) In very (too) brief: data are used to construct models, based on a set of starting assumptions about how the world works. NB: You frequently complain about folks not looking things up on the forum before making statements. Click to expand.You seem rather clueless on how data works, and even less clear on how a sample of players on a forum (beta forum) may not be representative of the total population of beta players.ġ) Evidence on behavioral economics and behavioral finance is well documented, with multiple sources of empirical and theoretical evidence.

2019 forge of empires winter event