Behavioral Economics 101: Make Smarter Decisions with Everyday Psychology

Have you ever been on your way to a place only to be drawn by the tempting smell of freshly baked cakes coming from a nearby bakery? That sudden desire to stop and engage in a sweet treat is more than simply a craving; it is a prime example of behavioral economics in action.

Our senses, influenced by external factors, can influence our decisions and force us to act in ways that oppose our initial intentions. This blog highlights the same topic to make readers aware of how sensory marketing and impulse buying affect our pattern of decision-making as part of behavioral economics.