Collection BiasOpen Access

Collection Bias

We have an emotional need to amass sets of related items

1 in 3 Americans collect, doing so to define their identity, keep fantasies alive, develop a sense of mastery or give their lives meaning (O’ Brian, 1981).

Belk, R. (1995). Collecting as luxury consumption: Effects on individuals and households. Journal of Economic Psychology.

The study

Setup

Setup

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Results

Results

Study graph
np_read_2490885_000000

Belk, R. (1995). Collecting as luxury consumption: Effects on individuals and households. Journal of Economic Psychology.

Key Takeaways

1
1

Almost anything can be collected, but to promote collectibility of your products, you should release them in identifiable sets (Carey, 2008). Use names, symbols or colors to connect products. Even subtle additions like a numbering system can turn a mere range of products into a collection.

Takeaway image
2
2

Self-identity is a primary motive for collecting (Smith et al., 2008), so creating distinction through scarcity (“I have this but you don’t”) is key to increasing consumer status.  Hold back or stop supply of certain items to create a secondary market. 

Takeaway image
3
3

Create a community to foster social value of your collection. This provides social acceptance - one of the core reasons people collect (McIntosh and Schmeichel, 2004). Social also heightens resell value.

Takeaway image
4
4

Release collectibles in waves over time (Bianchi, 1998). This will increase the overall enjoyment of the experience and increase the desire to collect. Never saturate the market with too many sets, variations within sets or too many limited editions (Hood, 2006). Overproduction will kill the magic and therefore consumers’ ongoing desire to collect. Don't make the pursuit too easy to achieve (Csikszentmihalyi, 1990), but also not so large a task as to be out of the reach of your audience (McIntosh and Schmeichel, 2004).

Takeaway image

Release collectibles in waves over time (Bianchi, 1998). This will increase the overall enjoyment of the experience and increase the desire to collect. Never saturate the market with too many sets, variations within sets or too many limited editions (Hood, 2006). Overproduction will kill the magic and therefore consumers’ ongoing desire to collect. Don't make the pursuit too easy to achieve (Csikszentmihalyi, 1990), but also not so large a task as to be out of the reach of your audience (McIntosh and Schmeichel, 2004).

Takeaway image
Collection Bias

Collection Bias

We have an emotional need to amass sets of related items

1 in 3 Americans collect, doing so to define their identity, keep fantasies alive, develop a sense of mastery or give their lives meaning (O’ Brian, 1981).

The study

Setup

Results

study graph
np_read_2490885_000000

In detail

Hungry for more?

Savour the full features of Coglode Cookbook

Upgrade

All Nuggets

Academic data

Key takeaways

Pairings

Cheat Sheets

Collect Nuggets

Nuggets In The Wild

Coglode Live monthly

Nuggets

Snack on these...

Open access, foundational Nuggets

Scarcity

Scarcity

We value things more when they’re in limited supply

Social Proof

Social Proof

We copy the behaviors of others, especially in unfamiliar situations

Prospect Theory

Prospect Theory

A loss hurts more than an equal gain feels good

Reciprocity

Reciprocity

We’re hardwired to return kindness received

Framing

Framing

We make very different decisions based on how a fact is presented

Loss Aversion

Loss Aversion

We feel more negative when losing something than positive when we gain it

Default Effect

Default Effect

We tend to accept the option pre-chosen for us

Anchoring

Anchoring

What we see first affects our judgement of everything thereafter

Fast & Slow Thinking

Fast & Slow Thinking

We make knee-jerk spontaneous decisions that can cause regretful damage

Dynamic Norms

Dynamic Norms

We’re more likely to change if we can see a new behavior developing

Salience

Salience

Our choices are determined by the information we're shown

Connected to

Hungry for more?

Savour the full features of Coglode Cookbook

All Nuggets, data & takeaways

Academic data

Key takeaways

Pairings

Cheat Sheets

Collect Nuggets

Nuggets In The Wild

Monthly Coglode Live calls

Upgrade

Join Coglode Live!

March 29, 2023 16:00

GMT

Prospect Theory
A loss hurts more than an equal gain feels good

Prospect Theory's considered one of the most important (and confusing) concepts in Behavioural Science. We'll explore:

• The various mechanics of how it works

• Examples from the wild that use it well

• How you can use Prospect Theory in your work to improve experiences!

So join us. Tversky and Kahneman will be proud of you.

Show more
Prospect Theory
A loss hurts more than an equal gain feels good
Sign up to attend
© 2013-23 Coglode

Running workshops?

Collection Bias

is included in Box One of our physical workshop tool.
is included in Box Two of our physical workshop tool.
Nuggets Boxes