Articles About Influence and Persuasion Science and Practice
The Costs of Ignoring Opportunity Costs
By Noah Goldstein, Ph.D.
Excerpts:
On the face of things, it sounds obvious that decision-makers would strongly consider factors like the opportunity costs of choosing Option A over the less expensive Option B. In other words, it seems like a no-brainer that decision-makers would realize that spending $500 more on Option A means that they won’t have that $500 to spend on other opportunities. Yet they don’t think much about this, at least not without some gentle prodding. Frederick and his colleagues suggested a simple yet often-overlooked solution to the potential problem: Give decision-makers a little help by making the tradeoff in cost more explicit.
Read full article: http://www.insideinfluence.com/article.html
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This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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