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LET'S REMINISCE: Investors duped by Ponzi schemes


The recent death of Bernard Madoff, who was the mastermind behind a $20 billion Ponzi scheme — the largest financial fraud in history — prompted me to contemplate some examples of what might be called “stupid human errors.”
Go to any grocery store, and you’ll see examples of what behavioral-pricing researchers refer to as “the left-digit bias.” When an item is priced at $2.99, the idea is that consumers will think of it as $2.00. That’s because the mind compares the left-most digits before it can round up the numbers. People look left first.
Recent experiments found that when consumers see a jar of peanut butter by itself for $2.99, in their minds they round the price up to $3.00. But that’s not true when two jars of peanut butter are displayed side by side. When participants in this experiment were shown a premium brand priced at $4 alongside the store brand priced at $2.99, their minds compared the left-most digits first, before rounding any numbers. So, they thought the store brand was $2 less than the premium brand.

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