Phishing for Phools: Businesses Exploiting Consumer Psychology
This theory, derived from the work of Akerlof and Shiller, posits that free markets can lead to manipulation, as businesses have an incentive to exploit the psychological biases and lack of complete self-awareness in consumers. [3, 4, 5] Rather than markets always being benign, they can be filled with 'tricks and traps' designed to take advantage of buyers. [5]
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Phishing for Phools: Businesses Exploiting Consumer Psychology
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