Yesterday, my wife and I visited a local science museum that is featuring an exhibit on the brain that I very much wanted to check out. While the exhibit was phenomenal, I came away with a bitter taste in my mouth after visiting the museum's gift shop. When we finally made it to the front of the line to pay for our items, the cashier informed us that they'd run out of plastic bags, but that we had the option to purchase one of their tote bags for $3. Interestingly enough, this happened to be the third time in as many months where a merchant I'm buying from has tried to coax me into purchasing one of their tote bags. As someone who earned degrees in psychology and marketing, I can tell you that this is likely a clever sales ploy retailers are trying to pull just to earn more money. Think about it: If on a given day, say, 300 people opt to buy a $3 bag, that's $900 bucks the store would not have if they used regular plastic bags! And most people -- especiall...

Do you think you'd be more inclined to buy a product priced at $3.99 than one that sells for $4? I can picture many of you shaking your heads. According to various studies in consumer behavior, people are far more likely to buy a product when the price ends in .99. But why? For one, consumers tend to read from left to right, which means our attention becomes fixated on the first number as opposed to the ones that follow. Even though you're hardly getting a greater bargain by opting for something priced a cent cheaper (especially since taxes come into play), your indifference to reading the whole way across actually fools you into thinking you are snagging a deal. It's as though we're comparing something priced at $3 to something that costs $4. It doesn't make much logical sense, but most consumers will do anything to expend the least amount of brainpower possible, especially when pressed for time. In addition, shoppers tend to deem prices ending in cents...