Shopping

Monty Hall Problem

Topic: Deep probability Understanding - Comparing products and vendors to make informed purchasing decisions based on reviews and return policies.

Law of Deminishing Returns

Comparing the benefits of different products to make an informed decision without spending excessive time on research.

Maslow's Hammer

Comparing different products or brands to find the best value or quality, instead of always buying the same brand.

Occam's Razor

Prioritizing essential items over impulse buys can save money and reduce clutter.

Self-Serving Bias

Being aware of self-serving bias helps in making more rational purchasing decisions, avoiding the trap of justifying wasteful spending due to emotional or situational bias.

Similar Situations

Online shopping: Understanding the decoy effect can help you make better purchasing decisions when shopping online, by evaluating products based on their merits rather than the presence of less attractive alternatives.

Anchoring

Grocery shopping: Be aware of how product placement and pricing strategies can anchor your perceptions of value.

Breadth-First Search

Grocery shopping: Covering aisles methodically to avoid missing items.

Cynefin Framework

Shopping for new technology: Evaluate the complexity of available options and make informed decisions based on needs and expertise.

Depth-First Search

Shopping for a major purchase: DFS can help you research and evaluate one product category in depth before moving on to the next, ensuring you make well-informed purchasing decisions.