Friday, May 10, 2019

May 9, 2019 - Why Barbie, Lego, and Hamleys struggle in the Indian toy market

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TradeBriefs Editorial

From the Editor's Desk

The Lies We Tell

Our brains are quirky. When cause and effect aren't obvious, we still draw conclusions. Nobel Prize winning psychologist Daniel Kahneman offers an example of how our brains look for, and assume, causality:

"After spending a day exploring beautiful sights in the crowded streets of New York, Jane discovered that her wallet was missing."

That’s all you get. No background on Jane, or any particulars about where she went. Kahneman presented this miniature story to his test subjects hidden among several other statements. When Kahneman later offered a surprise recall test, "the word pickpocket was more strongly associated with the story than the word sights, even though the latter was actually in the sentence while the former was not."

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