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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-08 20:26:08 -

How does pricing psychology work?
How Does Pricing Psychology Work? The Strange Distance Between Price and Value A customer stands in front of two identical bottles of olive oil. One is priced at $9.99. The other at $14.99. Nothing else differs. Same shelf. Same brand. Same quantity. Yet the customer hesitates. Then chooses the more expensive bottle. When asked why, they offer a familiar explanation: it “seems...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-09 05:26:38 -

What is anchoring bias?
What Is Anchoring Bias? The First Number That Quietly Shapes Everything After A person is asked whether the population of a city is more or less than 5 million. Then they are asked to estimate the actual population. Most answers cluster around that initial figure, even when it is clearly arbitrary. If the first number had been 20 million instead, estimates would shift upward. Nothing...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-09 05:44:48 -

What is anchoring bias?
What Is the Anchoring Bias? The First Number That Quietly Organizes Thought A person is asked whether the height of a mountain is more or less than 2,000 meters. Then they are asked to estimate its actual height. Even if the initial number is arbitrary, their estimate tends to cluster around it. If the number had been 10,000 instead, their estimate would shift upward. Nothing about the...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-09 05:11:25 -

What is the anchoring effect in pricing?
What Is the Anchoring Effect in Pricing? The First Number Changes Everything A customer enters a store looking for a watch. The first model they see costs $2,000. A few minutes later, they find another watch priced at $800. Suddenly, $800 feels reasonable. Perhaps even inexpensive. Had the customer encountered the $800 watch first, the reaction might have been very different. The...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-09 05:06:28 -

Why do discounts and sales work?
Why Do Discounts and Sales Work? The Strange Power of a Crossed-Out Number A person walks into a store and sees two price tags. The first says: $100 The second says: $150 → $100 The final price is identical. Yet the second offer feels significantly more attractive. Nothing about the product changed. Nothing about the amount paid changed. Only the comparison changed. And that...

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