Why can't we resist Black Friday and Cyber ​​Monday? A behavioral economist explains the psychological forces that make sales irresistible.

Opinions Express by Entrepreneur contributors are their clean.

Imagine You put on A old coat You do not have door In A while And, has your surprise, You find A crumpled $20 Invoice In your poached. How GOOD do he feel? Do You go up half A notch on A one to ten mood ladder, Or maybe A thoroughly?

Let's go imagine A different scenario. You are TO DO THE laundry, take out A just washed pair of pants, And discover You forget A $20 Invoice In THE poached — which has has been completely ruin. What do that TO DO has your mood on A one to ten scale?

If You are as most people, You feel a lot worse about losing $20 that about earn $20. That tendency East called loss aversion, A among a lot dangerous judgement Errors that behavioral scientists call cognitive Prejudices. THE mental blind spot called loss aversion East A of THE most fundamental knowledge of A field of behavioral science called perspective theory In THE last little decades.

Loss aversion East A of THE three key the reasons Why OUR spirits get sucked — And sucked — In Black Friday And Cyber Monday sales. Retailers know that OUR intuitive reaction East has avoid losses, with research showing This to drive could be up has twice as powerful as THE desire has TO DO earnings. By offer short term sales, available only on Black Friday Or Cyber Monday, they faucet In OUR deep intuition has protect ourselves Since THE loss of THE opportunity represented by THE sale.

In the same way, loss aversion help explain Why SO a lot marketing techniques involve trial periods And free Back. Retailers know that once You buy something, you go be opposite has losing that.

In A classic research study illustrating This tendency, participants were split In two groups: A was given A chocolate bar And THE other A cup. SO, they were Free THE chance has trade What they had For THE other object. Of THE students given THE cup First of all, only 11% selected has trade he For THE chocolate bar, And only ten% of THE students WHO obtained THE chocolate First of all exchange he For THE cup.

We to want never mind We to have And are reluctant has lose he — such as A opportunity has buy something has A lower price during A short time period during Black Friday Or Cyber Monday sales. In do, behavioral scientists to have A special term For people putting excessive value And be reluctant has give up never mind they to have: THE donation effect, A specific form of loss dislike.

Let's go imagine A different scenario. It is Cyber Monday, And You decided has check out THE offers on A e-commerce website. You feel confident you go only get A Or two of THE best offers. But once You visit THE website, You are hung. All those offers look great. THE At a reduced price prices are Also GOOD has pass up. SO You END up socket advantage of A bunch of offers And purchase a lot more that You destined has In THE First of all location.

For what did that arrive? For what I could not You control yourself? It is due has A cognitive bias called THE detention bias. We substantially overestimate THE extent has which We can restrict OUR impulses. In other words, We to have less self control And weaker will that We as has think ...