Richard Shotton

speaker

1,228 appearances 5 recordings 4 series first heard Jan 2026 last heard 27 Jun

Richard Shotton’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 5 in all, peaking in Jun 2026 with 3.

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The proportion jumps, I think, to 29% or 30% thinking it's a good deal.

So you break down a physical item into smaller subunits and you create a perception.

It's better value.

So one of the things Klarna offers is, now I go to a website, I want to buy a jumper for $60.

I don't pay $60 in one go.

I pay three lots of 20.

People treat three lots of 20 completely different from one hit of 60 because they're focusing too much on the 20.

They're not doing the multiplying as much as they should.

So brands put that on their website.

Retailers put Klarna or competitors on the website.

They end up selling more.

So there is a strong reason for businesses to start handing over a bit of commission to Klarna.

Yeah, so there's an idea called loss aversion.

The original studies were done by Kahneman and Tversky in the 70s, but they're a little bit bizarre and just got a bit confusing.

I think the much better study was done in 1988 by Elliot Aronson at Harvard.

So what he does is go to homeowners, 404 homeowners, nice big sample, knocks on the door, tries to sell them loft insulation.

Sometimes he says, buy my loft insulation and you'll save 75 cents a day.

So psychologists would say this is the gain frame.

You're emphasizing what you benefit as a consumer by taking out loft insulation.

But other homeowners, he gives them the same mathematical sum.

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