I took Ogilvy's course on Behavioural Economics and Comsumer psychology.

Here are the 10 important theory's I learned from it which you'd be a fool to miss out on:

Loss aversion theory:

The negative psychological impact we feel from losing something is about twice as strong as the positive impact of gaining the same thing.

Finding ₹100$ would makes us happy
Losing ₹100$ would makes us 2X unhappy

Sentence Framing:

The way you frame your sentences is very important. Make them forget about the negative thing by reiterating something which might be positive. We have a stronger bias for things that sound positive.

10% chance of death Vs 90% chance of survival

Goal Gradient Hypothesis:

Humans are hardwired for instant gratification.
as people get closer to the reward, they speed their behavior. So, reward people sooner instead of later

eg: Don't make a goal of reading 52 books a year, make it 1 chapter per day.

Mental Anchoring:

It's the phenomenon where our decisions are heavily based on the 1st piece of information we receive, regardless of whether the information is relevant or not.

Make the first piece of information powerful.