One key element that affects how people behave in different situations is the information they have about the issue. But, generally speaking, people do not possess same levels of information. This difference in the...
First brought into spotlight by Leonard Lauder, the chairman emeritus of The Estée Lauder Companies Inc., the Lipstick Effect states that during economic hardships and crises, consumers tend to buy more lipstick instead of...
Put forth by Adam Smith in “The Wealth of Nations”, the paradox of value tries to explain why luxuries such as diamonds are incredibly expensive, whereas goods such as water which are critical to...
