How Cognitive Biases Make Innovation Difficult in Markets for Fast Moving Consumer Goods

DOI

10.2991/assehr.k.211209.277How to use a DOI?

Keywords

Status quo bias; Mere exposure effect; Loss aversion effect; bounded-rationality; Heuristic

Abstract

Biases affects our judgments and decisions everywhere, because in our daily life, no matter where you are, what kind of occupation you are doing, every decision we make is more or less interfered by cognitive biases, which even determines the outcome of things. In addition, with the development of the times, the progress of science and technology, and the change of social structure, we have experienced too many processes from rejection to acceptance, from stubbornness to change. However, it often takes time, especially in the commercial field, the timing when users accept products can better reflect this point. This article mainly aims at these phenomena, through the information, examples and data from the online sources, to explore how four kinds of cognitive biases:status quo bias, loss aversion bias, mere-exposure effect and bounded-rationality that affect the smooth progress of innovation products in the fast consumer market, and how these biases can attack the confidence of merchants, so that the originally widely favored products will eventually end in failure. At the end of the article will also discuss the heuristics that can deal with the biases.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Luxin Zhang
PY  - 2021
DA  - 2021/12/15
TI  - How Cognitive Biases Make Innovation Difficult in Markets for Fast Moving Consumer Goods
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 1722
EP  - 1725
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.277
DO  - 10.2991/assehr.k.211209.277
ID  - Zhang2021
ER  -