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Podcast: The Intuitive Customer - Helping You Improve Your Customer Experience To Gain Growth
Episode: The Surprising Truth About Economic Decision-Making: Why Your Logic Might be Flawed. Masterclass Part 5: Unlocking the Psychology of Customer Experience
Description: Regarding Customer Experiences and the behavioral sciences, there is seldom only one thing happening at a time. There are usually a lot of things happening at once. This masterclass episode, the fifth in a series of eight, explores economic biases and how they create flaws in our decision-making logic.  For example, one key bias discussed is the Sunken Cost Fallacy, where people need help to walk away from investments, leading to subsequent mistakes. Loss Aversion is another bias explored, highlighting how we feel losses more acutely than gains. This bias influences behaviors like resisting salary re...