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4.1.2.3 Aspects of behavioural economic theory
Biases in decision making
Social Norms
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Social norms is when consumers make decisions based on
society
etiquette
and
expectations
of how to
behave
given how other people in society
act
What is social norms?
Social norms is when consumers make decisions based on
society
etiquette and
expectations
of how to
behave
given how other people in society
act
An example of social norms is
tipping
in restaurants
What is an example of social norms?
tipping
in restaurants