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That's the start of how prices get set. but how much does psychology play in the price that we pay for our shopping? well, my next guest has literally written the book on this. it's called the invisible game the secrets and the science of winning minds and winning deals. kai—markus mueller, a real pleasure having you on this show. and kai, let's start with this. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i'll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for exampl...

Of their raw material costs and their operating costs. so we know exactly what's going on there. and, you know, we don't have the same access to the profit structures of our branded suppliers, but we do challenge them as hard as we possibly can. ok, so let's start with the raw ingredients. take wheat, for example. before the pandemic, about four years ago, a bushel of wheat was trading on the market at $4.70. that spiked when russia invaded ukraine one year ago. the same amount of wheat went up to almost 13 bucks a bushel. but at the end of march this year, it was sitting at around $7, much le...

How ELSS can be your stepping stone to long-term equity investments The default feature of equity lock-in prevents investors from making hasty redemptions Investors wanting to achieve the basic arithmetic combination of saving taxes and building wealth — both at one go — can consider investing in Equity Linked Saving Schemes (ELSS). A lot is already written about the twin virtues of tax benefits and equity investments, but one attractive feature that is rarely talked about is the default ‘lock-in’ feature. Understanding the ‘default effect’ “To do nothing is within the power ...