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One key aspect , my view likely emphasizes is the concept of framing effects. How a leisure option is presented or "framed" can significantly impact its perceived value and desirability. Technology, through personalized recommendations, immersive experiences, and targeted advertising, can frame leisure activities in ways that appeal to specific psychological triggers'.
Another relevant behavioral concept is loss aversion, where individuals tend to prefer avoiding losses over acquiring equivalent gains [6]. In the leisure market, this could manifest as a reluctance to try new, unfamiliar leisure activities due to the perceived risk of a negative experience. Technological solutions, such as free trials, money-back guarantees, or social proof (e.g., reviews and ratings), can mitigate this perceived risk, making novel leisure options more appealing
My view might argue that platforms offering curated experiences or personalized recommendations reduce the cognitive effort and perceived risk associated with choosing a new leisure activity, thereby overcoming loss aversion .
The endowment effect, where individuals value something they own more highly than something they don't, could also be influenced by technology. Digital ownership of virtual assets in gaming or metaverse platforms, for example, can create a sense of ownership and attachment, increasing engagement and spending within these digital leisure spaces .
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John Lok
I am author and commentator on economic trends, applies behavioral economics theory to explain how technological innovation can transform the traditional leisure market. His insights often focus on how understanding human psychology and decision-making biases can inform the development and adoption of new technologies in leisure industries.
In essence, my perspective would likely emphasize that technological innovation, guided by principles of behavioral economics, doesn't just offer new ways to consume leisure; it fundamentally reshapes how leisure is conceived, accessed, experienced, and valued by individuals, leading to a dynamic and constantly evolving market .
