4

Question 1

define the following biases:

1. hindsight bias
2. overconfidence bias
3. projection bias
4. self positivity bias
5. responsibility bias
6. negativity bias

Answer 1

1. tendency to believe that after learning the outcome one could have foreseen it
2. tend to think we know more than we do
3. believe that people are more similar to use than they actually are
4. thinking that bad things happen to other people but not to ourselves
5. exaggerate own contribution
6. negative events having bigger impact than positive

Question 2

demand effect =

Answer 2

bias that occurs when participants infer purpose of experiment and adjust behavior to help confirm hypothesis

Question 3

primary data can be collected in 3 manners:

Answer 3

• exploratory - interviews, focus groups
• descriptive - surveys, crowdsourcing
• causal - experiments, conjoint

Question 4

conjoint analysis =

Answer 4

considering jointly how people value different features that make up a product
use when people can’t tell you what features they find most important

Question 5

validity ?

Answer 5

am i measuring what i think i am measuring?

Question 6

reliability/

Answer 6

am i getting consistent responses?

Question 7

generalizability?

Answer 7

are my participants representative of the population of interest?

Question 8

3 pricing psychologies according to article; when customers help set prices

Answer 8

1. company-imposed pricing - maintaining full control over price
2. collaborative pricing - collaborating with customers (auctions, name-your-own-price, negotiation)
3. customer-imposed pricing - letting customers call the shots