Televisions > Behavioral Economics? What's That?

Behavioral Economics? What's That?

A new science sheds light on some of our most important decisions. Behavioral economics is the study of how and why people make money-related decisions. As a science it is relatively new, although some of its findings have been known intuitively by good salesmen and marketers for many years. Much of what has been learned from recent studies, however, has not yet been applied systematically in the real world of business. Here are some of the things the studies have shown thus far:

Confirmation Bias

We tend to act economically in a way that confirms current belief. When buying the same model of Mecedes, for example, current owners, who presumably already believe in the value of a Mercedes, pay $7,000 more, on average, than new Mercedes customers.

I'm sure you can imagine the value of this knowledge to companies that sell high-priced items.

Decision Paralysis

Studies show that, given four samples of jam, for example, people actually spent more than when they had twenty to choose from. You may not want to tell the customer about all 84 colors he can choose from. Limiting options may be a useful sales technique, according to this research finding.

Sunk-Cost Fallacy

This phenomena of behavioral economics persists, even after we're confronted with it's illogical nature.

We are more likely to attend an event if we paid for the ticket than if we got it free, even when we have the same information and interest in the event. Since the money is already spent, it has no relevance to the decision, but even seeing this, aren't most of us going to feel a greater loss throwing away a ticket we paid for than one we got for free? The applications of this fallacy are obvious, if you look. For example, perhaps rather than giving away tickets to those "get rich" seminars, the organisers would get better attendance by putting their "$100" tickets on sale for $3. Just having paid something makes people more likely to attend, with the added bonus of getting some money up front.

Extremeness Aversion

People avoid extremes.

Given a choice of televisions costing $300, $500, and $700, for example, not many choose the $700 one. But if you add a $1200 television to their choices, more will then choose the $700 one, because it is no longer the most expensive one. The last example suggests some obvious applications of this new science of behavioral economics. In fact, if you look closely at the information coming from these studies, you can find a lot to help your sales and marketing efforts. You'll find more results of these studies in Behavioral Economics: Part Two..

Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.EverythingAboutMoney.info

PFSweb to Provide Fulfillment and Transportation Management Services for Brillian Corporation's High-Definition Televisions

PLANO, TX
August 11, 2004 ?? Brillian Corporation (Nasdaq: BRLC) of Tempe, Ariz., a pioneering developer of HDTVs, has selected PFSweb, Inc. (Nasdaq: PFSW), a global provider of integrated business process outsourcing (BPO) solutions, to provide supply-chain support for its new generation of high-definition, rear-projection televisions.
Leveraging its Gen II liquid-crystal-on-silicon (LCoS?) technology, Brillian produces large-screen HDTVs for leading consumer electronics OEM customers. Brillian also develops a family of microdisplay components and subsystems that OEMs integrate into proprietary HDTV products, multimedia projectors and near-to-eye devices such as monocular and binocular headsets. Under terms of the agreement, PFSweb, of Plano, Texas will provide warehousing, fulfillment and transportation management services from its Memphis, Tenn.

distribution facility to Brillian's North American retailers. The company's new 65-inch HDTVs are planned to begin...

PFSweb to Provide Fulfillment and Transportation Management Services for Brillian Corporation's High-Definition Televisions

Televisions > PFSweb to Provide Fulfillment and Transportation Management Services for Brillian Corporation's High-Definition Televisions

Televisions

One of the best inventions in the world of digital media, television is a telecommunicating system that transmits images, accompanied with sounds and special effects, over a long distance. The word television is derived from two words ? tele (which means "far" in Greek) and visio (which means "vision" or "sight" in Latin).

Paul Gottlieb Nipkow, a German student, proposed the first electromechanical television system in 1885. The discovery of cathode ray tubes in 1897, by K. F. Braun was a major landmark.

Later in 1927, Philo Taylor Farnsworth envisioned the first fully electronic system. He conducted the world's premier public demonstration of an all-electronic television system on August 25, 1934, at the Franklin Institute in Philadelphia.

Besides Farnsworth, Vladimir Kosma Zworykin is also sometimes called the Father of the television because of his invention of iconoscope in 1923 and kinescope in 1929. On July 3, 1928, John Logie Baird demonstrated...

Televisions

Televisions > Televisions

HDTV Antennas

HDTV televisions need special antennas to be able to catch the frequency. These televisions cannot receive the transmission from normal antennas used by any other brand of color television. Selecting the right HDTV antenna system is critical, and one should make use of a highly directional antenna designed for "Fringe Area" reception.? One objective that should be kept in mind while installing the antenna is that it should accept signals directly from the transmitting tower.

Some of the other considerations that one should keep in mind before buying the antenna is that one should check with the local homeowner's association, seeking permission to put up an antenna on the roof or any other exterior location.
One would also need to determine whether local channels are VHF, UHF, or both.

This would determine the type of antenna to buy.

The owner would also need to determine whether there is a clear line of sight to the station antenna. HDTV Antennas
Televisions > HDTV Antennas

AVP Watch & Win: Watch Pro Beach Volleyball Live on NBC for a Chance to Win One of Five 42? Plasma TVs

(ContentDesk) June 30, 2005 -- The 2005 AVP Championship Series is LIVE on NBC and Viewers will have multiple chances to win one of five 42" Enhanced Definition Plasma Televisions.
Log on to http://AVP.com for contest details.The Watch & Win contest starts Saturday July 2nd when NBC will televise LIVE coverage of the AVP Cincinnati Open presented by Liftoff at 4:30pm EST.
To enter simply watch the LIVE coverage and then log on to AVP.com to answer a few questions on the match that just aired.
Questions will be posted on AVP.com at 10am EST on Saturday July 2nd.The winner will be determined by the most questions answered correctly.
In case of a tie, a random drawing will determine the winner.

Log on to AVP.com for full contest details and official rules.LIVE coverage will continue from Cincinnati on Sunday July 3rd at 4:30pm EST on NBC and give viewers a second chance to win one of five 42" Plasma...

AVP Watch & Win: Watch Pro Beach Volleyball Live on NBC for a Chance to Win One of Five 42? Plasma TVs

Televisions > AVP Watch & Win: Watch Pro Beach Volleyball Live on NBC for a Chance to Win One of Five 42? Plasma TVs