Xcelerate Design

  There are so many behavioral economics principles, it took me two days to decide which one to present today! Let’s see what Choice Overload is...shall we?  Hi everyone, I am Prashant Kulkarni and welcome to my channel on Behavioral economics. I take one principle every week and discuss it in detail and how it is applicable for today’s product strategy and design.  I stayed at the Caesar Hotel in central london few years back. I still remember the breakfast there, especially for one reason. Cheese buffet. The breakfast used to have almost 50 plus types of cheese and for the first couple of days I remember ending up spending too much time deciding which cheese to eat for breakfast. After a couple of days, I simply decided on one type of cheese and ate it for the rest of my stay for breakfast.  Another example of confusion while making choices - Netflix. I simply stopped watching Netflix because every time I open it  I simply can’t decide what to watch! Far too ...

  Diamonds were formed billions of years ago and are extremely rare, thus perceived as very special and valuable.  Hey everyone, I am Prashant Kulkarni and welcome to my channel on behavioural economics.  Today we are going to discuss a principle called Scarcity and Scarcity bias. Dictionary meaning of scarcity is deficient in quantity or number compared with the demand. Scarce resource will always have a value associated with it. So this onion can be a scarce resource if the demand is high compared to its availability.  The scarcity principle simply means resources which are scarcely available are perceived to be more precious. Tigers, Diamonds, In some countries even Food is a scarce resource and thus very precious.  But the scarcity principle goes even further and also deals with how these resources are allocated as compared to its demand.  There are some methods to allocate these resources against its demand and these are some of the fundamental problem...