How do the principles of psychology and behavioral economics influence consumer behavior and decision-making, and what are some practical applications in marketing and advertising?
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Principles of psychology and behavioral economics, such as cognitive biases, loss aversion, and social proof, influence consumer behavior and decision-making by shaping perceptions, preferences, and purchasing choices. Marketers and advertisers often leverage these principles to design persuasive messaging, create memorable brand experiences, and influence consumer attitudes and behavior.