Judgment under uncertainty: Heuristics and biases. Science.
1Please list an example where the representativeness heuristic leads to biases.
2Please list an example where the availability heuristic leads to biases.
3Please list an example where the anchoring and adjustment heuristic leads to biases.
Mental accounting and consumer choice. Marketing Science. (*ONLY pages 199-204 are required)
1What are the key features of the value function prospect theory?
2Given the features of the prospect theory value function, should consumers aggregate or segregate gains to maximize utility? What about losses?
3What are the marketing and practical implications of your answers to Question #2?