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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The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No'
https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 – 5 – 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW
I'm going to do two history threads on Ethiopia, one on its ancient history, one on its modern story (1800 to today). 🇪🇹

I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):


The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹


Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹


References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". 🇪🇹