Present BiasOpen Access

Present Bias

What we want now is often the opposite of what we aspire to in the future

When we decide what to buy or how to spend our time, we make short-term decisions that prevent us from becoming who we desire to be.

Van Epps et al., (2016). Advance Ordering for Healthier Eating? Field Experiments on the Relationship Between the Meal Order–Consumption Time Delay and Meal Content. Journal of Marketing Research.

The study

Setup

Setup

195 students were asked to fill out a lunch order survey in return for a free lunch. They were split into two groups and  asked either a few hours prior to or just before lunchtime.

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

Those asked with the delay made food choices 11% lower in calories than those just before lunch.

Study graph
np_read_2490885_000000

Van Epps et al., (2016). Advance Ordering for Healthier Eating? Field Experiments on the Relationship Between the Meal Order–Consumption Time Delay and Meal Content. Journal of Marketing Research.

Key Takeaways

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1

Adapt with time-to-delivery.

Online grocers could change what’s shown to the user based on how many days out their delivery slot is, showing more aspirational goods in the week prior and impulsive goods the day before. 

Takeaway image
2
2

Build around customers’ goals.

Have them make a preference on your site for their future self i.e. that they want to lose weight or save more money this year. Then, have this preference dictate what products are shown to them online, along with a subtle reminder that you’re helping with their bigger goals.

Takeaway image
3
3

Encourage “future lock-ins.”

Banks could improve consumer savings by allowing pre-registration for a future savings account. Consider locking in other types of ‘should’ decisions that will benefit the consumer’s future well-being, as well as reducing your costs through better demand forecasting.

Takeaway image
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4
Takeaway image
Takeaway image
Present Bias

Present Bias

What we want now is often the opposite of what we aspire to in the future

When we decide what to buy or how to spend our time, we make short-term decisions that prevent us from becoming who we desire to be.

The study

Setup

195 students were asked to fill out a lunch order survey in return for a free lunch. They were split into two groups and  asked either a few hours prior to or just before lunchtime.

Results

Those asked with the delay made food choices 11% lower in calories than those just before lunch.

study graph
np_read_2490885_000000

In detail

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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

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A loss hurts more than an equal gain feels good

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