Features

Humans tend to overemphasize the positive elements of a product and ignore the downsides. For example, consumers wait overnight for new releases of certain products, even though other brands have better features and are cheaper.

One reason is that people v...

Many consumers who buy luxury goods are not in a financial position to afford luxury goods. They do not always act rationally and may spend thousands of dollars on a luxury brand that performs the same function as a similar durable item at a much lower cost.

Got a new car? Nobody cares. You’ll get some gawkers for a couple of weeks—they don’t care. They’re curious. Three weeks in it’ll be just another shiny blob among all the thousands of others crawling down the freeway and sitting in garages and driveways up and down your street. 

People will...