Contrast judgment with decision-making

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Contrast "judgment" with "decision-making". Define "heuristic" and describe a heuristic that can affect judgments. Define "cognitive bias" and describe an example of a cognitive bias that can affect decision-making. Imagine a new meal kit delivery company called "Picnic Box" enters the Australian marketplace. The company offers three kit sizes - small, medium, large - with the large option being most profitable. Explain how Picnic Box could use consumer judgment and decision-making findings such as the "endowment effect" and the "decoy effect" to increase their profits.

Reference no: EM133187587

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