I took Ogilvy's course on Behavioural Economics and Comsumer psychology.

Here are the 10 important theory's I learned from it which you'd be a fool to miss out on:

Loss aversion theory:

The negative psychological impact we feel from losing something is about twice as strong as the positive impact of gaining the same thing.

Finding ₹100$ would makes us happy
Losing ₹100$ would makes us 2X unhappy
Sentence Framing:

The way you frame your sentences is very important. Make them forget about the negative thing by reiterating something which might be positive. We have a stronger bias for things that sound positive.

10% chance of death Vs 90% chance of survival
Goal Gradient Hypothesis:

Humans are hardwired for instant gratification.
as people get closer to the reward, they speed their behavior. So, reward people sooner instead of later

eg: Don't make a goal of reading 52 books a year, make it 1 chapter per day.
Mental Anchoring:

It's the phenomenon where our decisions are heavily based on the 1st piece of information we receive, regardless of whether the information is relevant or not.

Make the first piece of information powerful.
Defaulting:

People tend to stay with the default settings.

Case 1: When people had to opt out of being organ donors- very few people opted out
case 2: When people had to opt in - very few people opted in.

Simply changing the default setting made a drastic difference.
Scarcity:

Companies make limited edition products to drive sales even though they can make the SAME product in abundance

One way of encouraging customers to buy their products, is FOMO. If they didn't buy now they might not get a chance later

Example: Limited Edition Sneakers
Pain of Paying:

Just thinking about money can make you experience a kind of physical pain that stops you from spending

eg: Removing the currency dollar in the menu increased the average spending by 12%
eg: Starbucks launching a membership card
Ikea Effect:

When you sell something where the person has to assemble the item at the end, we put higher value to the things we help create

Eg: Subway Sandwhich Vs McDonalds
TLDR; for the lazy folks

1) Loss aversion theory
2) Sentence framing
3) Goal Gradient Hypothesis
4) Mental Anchoring
5) Defaulting
6) Scarcity
7) Pain of paying
8) IKEA Effect

(This is all that I could fit lol)
I'm thinking of making more threads, give me ideas for what you'd like to see.

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Rig Ved 1.36.7

To do a Namaskaar or bow before someone means that you are humble or without pride and ego. This means that we politely bow before you since you are better than me. Pranipaat(प्राणीपात) also means the same that we respect you without any vanity.

1/9


Surrendering False pride is Namaskaar. Even in devotion or bhakti we say the same thing. We want to convey to Ishwar that we have nothing to offer but we leave all our pride and offer you ourselves without any pride in our body. You destroy all our evil karma.

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We bow before you so that you assimilate us and make us that capable. Destruction of our evils and surrender is Namaskaar. Therefore we pray same thing before and after any big rituals.

3/9

तं घे॑मि॒त्था न॑म॒स्विन॒ उप॑ स्व॒राज॑मासते ।
होत्रा॑भिर॒ग्निं मनु॑षः॒ समिं॑धते तिति॒र्वांसो॒ अति॒ स्रिधः॑॥

Translation :

नमस्विनः - To bow.

स्वराजम् - Self illuminating.

तम् - His.

घ ईम् - Yours.

इत्था - This way.

उप - Upaasana.

आसते - To do.

स्त्रिधः - For enemies.

4/9

अति तितिर्वांसः - To defeat fast.

मनुषः - Yajman.

होत्राभिः - In seven numbers.

अग्निम् - Agnidev.

समिन्धते - Illuminated on all sides.

Explanation : Yajmans bow(do Namaskaar) before self illuminating Agnidev by making the offerings of Havi.

5/9