Consumers prefer round numbers even when the specific number is better news
Monday, July 6, 2020 - 17:10
in Psychology & Sociology
Consider this scenario: A vaccine for the novel coronavirus has been developed that is 91.27% effective. If public health officials present this information using the specific number, people are likely to think the vaccine is actually less effective than if it is presented as being 90% effective. This concept is a real-life application of recent findings from Gaurav Jain, an assistant professor of marketing in the Lally School of Management at Rensselaer Polytechnic Institute, published recently in Organizational Behavior and Human Decision Process.