But is that even possible, you ask? Below is a list of loss aversion examples that investors often fall into: 1. They cave in and buy. Results appear in Nature Human Behaviour. A/B tests, multivariate, split, multi-page, predictive, bayesian statistics. More information: Kai Ruggeri et al. Check out how Yves Rocher lure their website visitors with a perfectly framed discount. Most people will behave so that they minimize losses because losses loom larger than gains, even though the probability of those losses is tiny. Loss aversion is the tendency to prefer avoiding losses to acquiring equivalent gains. Another brilliant conversion practice is coupons. Not selling a stock that you hold when your current rational analysis of the stock clearly indicates that it should be abandoned as an investment 3. Prospect theory also states the importance of how the situation changes from our current reference point. The key is to avoid inciting fear: instead, focus on offering constructive information to your users. Seems like Figleaves, a UK clothing retailer, understood this and added customer reviews to their product pages. Loss aversion, the principle that losses loom larger than gains, is among the most widely accepted ideas in the social sciences. Pre-configured templates for client-side experiments and personalizations. English examples for "loss aversion" - There has also been other criticism of the notion of loss aversion as an explanation of greater effects. Test a cheap Surge Protector Power Strip (US 110V)? Apart from any fair dealing for the purpose of private study or research, no Another possible explanation—a third of respondents were aware of the concept of loss aversion—was shown to have only a weak effect on their decisions. Make your loss aversion real. The researchers found that Kahneman and Tversky's 1979 empirical foundation for proposing prospect theory broadly replicates in all the countries they studied: they report a 90 percent replication in areas directly testing the theoretical contrasts at the heart of prospect theory. Real World Examples. Some effects were less strong than in 1979, but the researchers say this outcome may be more a testament to the ease of accessing participants in 2019, rather than suggesting a flaw in the original study conclusions. In other words, individuals demand more money for a product they already own based upon that ownership, similar to the concept of loss aversion. And this phenomenon is called loss aversion. Some play safe and avoid changes to protect their business from market loss or any disaster. Junior Researcher Programme, members were a driving force for the study. It would seem a more accurate understanding of the world would lead to less loss aversion–more knowledge translates into less risk. (1997) argued that New York City cab drivers' daily labor supply is driven by reference dependent preferences that Our solutions tailored to your industry, your team or your goals, for you to be successful.​. US & World News. The first group was then proposed two alternative programs to combat the disease: Result: About 72% of participants voted for program A because they were risk-averse. So frame your marketing messages to introduce/highlight imminent loss. Nevertheless, that’s not the rule of thumb. part may be reproduced without the written permission. Feature flagging, progressive deployment, KPI triggered rollback, server-side experiments. If you want to use loss aversion on your landing page — do it! Ran Kivetz, a professor at Columbia Business School, said there are a lot of real-world examples of loss aversion at work. Your customers should be able to see the progress they’ve made so far in the loyalty tier. Get a sneak peek behind the scenes of life at AB Tasty. Loss aversion – the psychological propensity that losses loom larger than equal-sized gains relative to a reference point – can occur in riskless and in risky choices, as argued in two seminal papers by Amos Tversky and Daniel Kahneman (Kahneman and Tversky 1979; Tversky and Kahneman 1991). If so, loss aversion could mean you spend more than you planned. Loss aversion refers to our tendency to strongly prefer avoiding losses over acquiring gains. Loss aversion, and risk aversion as well, are themselves the economic pseudoscience that are based on the psychology of compulsive habits. Now over to how and when to use the endowed progress effect. Led by a Columbia University Mailman School of Public Health researcher, the new study in 19 countries and 13 languages replicates the original study that provided the empirical basis for prospect theory. After all, they know the aftertaste of losing what they’ve been eyeing up for so long will be too much to deal with later! Also, find out where your customers exit so that you can fix why they’re leaving in the first place. A/B test to see how your customers respond. The best part is that although people are aware of this marketing tactic, they aren’t completely immune to it. They also mention the exclusivity of their products, which makes the saved item even more valuable. No one in their right mind would ever admit they get a kick out of losing! They carried out a series of experiments that showed that people tend to fear a loss twice as much as … In all, 4,098 respondents who completed all the questions were included in the final analysis. Good question. Now although the reasons to drop out vary, you can still recover your customers by mentioning the stock of each product in the shopping cart. Result? Definition of loss aversion, a central concept in prospect theory and behavioral economics. Remember to send personalized recommendations to make your message more appealing and relevant. ” Loo Zhi Jin (@LooZhiJin) says: September 10, 2011 at 7:59 pm. If we have nothing but gain £20, we will be very happy. Coming to when you should send these emails, folks at Email Monks say you should send three emails, with the first one sent within an hour of abandoning the cart. This is what the social scientists term loss aversion. Among the original study's findings: people tend to be risk-seeking when maximizing gains, but risk-averse when minimizing losses; our preferences may change depending on how they are rendered sequentially; and we tend to overweight small probabilities. In their experiment, two groups of participants were asked to imagine that the U.S. is preparing for the outbreak of an unusual disease that is expected to wipe out 600 people. Upon seeing solid, unbiased reviews a lot of people change their perception of your brand. the practical value of prospect theory, loss aversion was cited in 5 of 10 examples where prospect the-ory could be observed in the real world (Camerer, 2000). Your feedback will go directly to Science X editors. In this example, loss-aversion can explain the need to commit to insurance plans, even if the losses outlined in the plans are unlikely to occur. This time, it's two similar biases, the "endowment effect" and "loss aversion": A man may say he would not pay more than $5 for a coffee … Limited time offer: This gives you the chance to limit the time your customer takes to make a decision, meaning you get them to convert faster! low compared with those of most real-world decision-makers. Loss Aversion is the bias that causes humans to feel the effects of losses as worse than gains of the same size ... My favourite real world example is used when selling new windows. Click here to sign in with But with all the hard-earned points collected comes the fear of losing them if they aren’t redeemed on time. In short, it works! Depending on whether the stock’s running low or the discount is time-bound, you can write a personalized email copy. The Audience management & activation, AI-based segmentation, product recommendations. 16 thoughts on “ A real life example of loss aversion? In 2018, for instance, the average cart abandonment rate was 78.65%. or, by Columbia University's Mailman School of Public Health. Variations of loss aversions are common place in business and investing. The aim for getting perfect rank score is an “almost-impossible goal” and this will cause a lot of pressure on Brett. Some examples even suggest people can be twice as likely to prefer ... and this kind of powerful leverage is exactly how the concept of loss aversion … Loss Aversion Strategies in Marketing. Seeing those accumulated points in their panel will motivate them to shop and collect more reward points to advance to the next level. Another good real-world example of cognitive biases was present in the January 16th edition of The Economist. The loss aversion theory can explain many paradoxical phenomena in the traditional choice theory and hence gains the immense popularity. Loss aversion refers to the tendency of people to strongly prefer avoiding losses to acquiring gains. Next, practice restraint when applying the principle of scarcity and urgency, otherwise it could backfire. Let's see prospect theory and loss aversion through some real-world examples. Get more articles like this in your inbox monthly! Loss aversion can be a powerful conversion-driver for your brand. This can help explain in some cases where loss aversion comes from. Explainer: What is loss aversion and is it real? Your opinions are important to us. Columbia University's Mailman School of Public Health. First, let’s begin by outlining what loss aversion is. That said, a few of you who are brave at heart might be willing to take risks. What is Loss Aversion? The pain of losing also explains why, when gambling, winning $100 and then losing $80 feels like a net loss … Some common examples include: Holding onto a losing stock investment; Refusing to sell a home with a mortgage substantially above its market value The new study led by Kai Ruggeri, Ph.D., assistant professor of health policy and management, is a robust test of prospect theory at a scale commensurate with its impact—and the first to test the theory in so many countries, languages, currencies, and to focus on the generalizability of the theory. A new global study offers a powerful confirmation of one of the most influential frameworks in all of the behavioral sciences and behavioral economics: prospect theory, which when introduced in 1979, led to a sea change in understanding the irrational and paradoxical ways individuals make decisions and interpret risk with major impacts for science, policy, and industry. I think what Brett’s mother, Marianne said is right. This one’s a classic cart recovery strategy and requires you to create a sense of urgency so that people complete their purchase. So frame your marketing messages to introduce/highlight imminent loss. #1: In interactive content: Let’s consider the Which Iconic Handbag Are You quiz by Try Interact. We are hiring - check our open positions. By using the AB Tasty site, you agree with our use of cookies. A fair warning: If you overuse these scarcity tactics people will catch up to you and may even feel cheated. From people to vision, learn what makes us tick. Note how the individual chooses to not take the sure loss … And while this was loss aversion in the context of health, the same is applicable in marketing, too. Think about being subtle and direct at the same time. Daniel Kahneman, a winner of the 2002 Nobel Prize in Economics, wrote that “The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics. Examples of loss aversion are especially notable when looking at financial decision-making. The content is provided for information purposes only. Studies show that loss aversion is twice as powerful psychologically as the acquisition of something. For those who still don’t budge after the first nudge, you can offer an additional discount + free shipping. Make your website work overtime - so you don't have to. Physics Forums | Science Articles, Homework Help, Discussion, Science X Daily and the Weekly Email Newsletter are free features that allow you to receive your favorite sci-tech news updates in your email inbox. Participants were presented with 17 hypothetical decisions about potential gains and losses of money. First, it’s something people earn without having done anything – and yet they feel the fear of losing it if they don’t use it. They show progress made by the customer by showing the progress bar + the number of questions left to answer. Others are also looking: When you prompt a customer with how many other people are looking at the same product/offer, it automatically creates a sense of competition. But what most of us don’t realize is that solid social proof works because it also triggers FOMO. Plus, they also love to keep up with trends. So send a reminder asking them to use their points before they expire. More from Physics Forums | Science Articles, Homework Help, Discussion. The idea of loss aversion was first proposed in a paper entitled “Choices, Values and Frames” presented by the economists Kahneman and Tversky in 1984. A word of caution: Don’t make your customers nervous by focussing only on what they’re about to lose. What you also like to do is consider what and how much is at stake, something which behavioral economists Daniel Kahneman and Amos Tversky discussed in their work, The Framing of Decisions and the Psychology of Choice. Puravida uses a phenomenal number of glowing reviews to highlight what the visitors are missing out on. It will create urgency and trigger them to become repeat customers. Loss Aversion. A 12.5% spike in conversion rate as compared to those pages with no social proof. According to Changing Minds, Endowed Progress Effect is based on the idea that when people feel they’ve made some progress towards their goal they feel more committed to continue and achieve it. The pain we feel from a loss generally outweighs the pleasure we feel from a comparable gain. Single. They assign more value to your brand, begin to trust you and consider it as their loss if they don’t buy from you. The second part of this article reviews evidence in support of loss aversion. Ruggeri and colleagues used nearly identical methods to those in the original study, modifying them only to make currency values relevant for a 2019 sample within each country. This behavior is at work when we make choices that include both the possibility of a loss or gain. Medical Xpress covers all medical research advances and health news, Tech Xplore covers the latest engineering, electronics and technology advances, Science X Network offers the most comprehensive sci-tech news coverage on the web. This behavior is at work when we make choices that include both the possibility of a loss or gain. This article doesn’t really depict the research paper though. To avoid overspending, only pick up things that are within your budget and were on your list of needs before you hit that store or website. Prospect theory has helped explain why people under-use preventive care in health, how people misunderstand risk in health, and how to frame behavioral interventions for smoking cessation in terms of losses instead of gains, among many other health-related insights. Episode 9 of The Brainy Business podcast (which came out today) was the first Behavioral Economics Foundations episode, and it was dedicated to Loss Aversion. Even if we aren’t professional golfers, or astute physicians, the majority of us are affected by loss aversion. The first part of this article introduces and discusses the construct of loss aversion. Defining ‘Loss Aversion’ People are reluctant to lose or give up something, even if it means gaining something better. You can be assured our editors closely monitor every feedback sent and will take appropriate actions. Your email address is used only to let the recipient know who sent the email. For example, if we have wealth of £100,000 but lose 20% – we will be very unhappy. Loss aversion refers to our tendency to strongly prefer avoiding losses over acquiring gains. The key is to find the balance and make the offer compelling enough for them to take action. On the face of it, this makes sense: more education usually confers some extra benefit that results in a more accurate understanding of the world. But that’s not enough because a lot of people—even when they are ready to buy—abandon their carts. Access the latest corporate news and press releases. BrandViews. If Program D is adopted, there is a 1/3 probability that nobody will die, and 2/3 probability that 600 people will die. The most famous examples of loss aversion theory are endowment effect, equity premium puzzle and the status quo bias. And while this was loss aversion in the context of health, the same is applicable in marketing, too. They conducted a study to measure loss aversion in relation to how a problem is framed. Unless you do that none of your discounts, coupons, reward programs, and cart recovery emails are going to move the conversion needle. Example 2 - Why loss aversion prevents us from taking financial risks. At the same time, since you’re walking a tightrope, make sure you don’t paralyze your customers with fear so much that they completely shut you out. If Program C is adopted, 400 people will die. Get to know us a little better, from key figures to the mission that drives us. AI and machine learning, data collection, analytics and reporting. To them, saving 200 lives is much better than a risky prospect of equal expected value (⅓ of 600 =200). Briefly reference another study into the effect of loss aversion on labour supply Camerer et al. You can do the same. Time. So work it to your advantage and make your offers more noticeable and appealing. It’s a reminder that the product has been ‘saved’ for them, but there’s no guarantee the stock’s going to last forever! Results of 1979 study—now confirmed in the new global study—gave rise to prospect theory and upended orthodoxies around rational choices. This phenomenon of escaping a losing position is known as loss aversion. However, these two factors alone don’t convince people to buy anything. The principle is prominent in the domain of economics.What distinguishes loss aversion from risk aversion is that the utility of a monetary payoff depends on what was previously experienced or was expected to happen. But don’t run them constantly — and emphasize that they are infrequent. According to BrightLocal, 88% of consumers trust online reviews as much as personal recommendations. It’s because losses loom larger than gains which also perfectly sums up the loss aversion theory. Now let’s take a look at an email sent by Ghurka. Play upon people’s fear of missing out (FOMO). Loss Aversion. A comprehensive guide to CX trends of 2021. Neither your address nor the recipient's address will be used for any other purpose. Prospect theory In short, loss aversion describes the tendency in most people to favour avoiding losses over acquiring gains. A lot depends on how you frame the offer. If you want to run limited-time sales or offers, go ahead. Some studies have suggested that losses are twice as powerful, psychologically, as gains. Second, the offer seems too good to let go. Display stock level: When your customers realize the product they want may soon go out of stock, they will put their misery to an end by buying it right away! Well, what happens is that when some progress is made, it creates a fear in people’s mind that if they abandon mid-way (or earlier on), they will lose out on whatever’s at the other end. If it doesn’t inspire fear of loss and gain in equal amount, it will never convert. In it, after a list of GOOD examples for loss aversion (including those for real estate agents, financial institutions, accountants, business coaches, wedding retailers, and more) I give an example of a very ridiculous pop up that … Here’s an example from the Esprit (France) website where they clearly state that stocks are limited: Pro tip: 10 Techniques to Reduce Shopping Cart Abandonment. This document is subject to copyright. If Program B is adopted, there is a 1/3 probability that 600 people will be saved, and 2/3 probability that no people will be saved. Brands of all stripes make use of FOMO, and there’s a good chance it will work for you, too. Selling a stock that has gone up slightly in price just to realize a gain of any amount, when your analysis indicates that the stock should be held longer for a much larger profit 4. Let’s get straight to the point: Losses are intimidating. Thank you for taking your time to send in your valued opinion to Science X editors. The 1979 paper that launched the theory is today the most cited paper in economics and is among the most cited in psychological science. Elephants found to have the highest volume of daily water loss ever recorded in a land animal, Sediment cores from Dogger Littoral suggest Dogger Island survived ancient tsunami, Study of river otters near oilsands operations shows reduced baculum strength, A possible way to measure ancient rate of cosmic ray strikes using 'paleo-detectors', Thermonuclear type-I X-ray bursts detected from MAXI J1807+132, Question About Electric Aircraft Propulsion. And that’s largely because people find safety in numbers. So consider an investment bought at $1,000, for example… And along comes the fear of losing to this anonymous person, which they don’t like. Cluse sees an uplift in transactions with product landing page optimization, Panasonic reduces costly call volumes with AB Tasty’s CXO Solutions, Partner Summit – The future of experience optimization, Playing Your Cards Right In the Virtual Experience Economy, The Framing of Decisions and the Psychology of Choice. Here’s what I found on RetailMeNot’s homepage – a Forever 21 deal evokes as much fear (limited time offer) as it makes the visitor happy (Make My Monday). Psychologists Daniel Kahneman and Amos Tversky (you might remember them from our article on marketing and the anchoring effect) studied the impact of loss on human decision-making and were able to confirm their central assumptionthat: Humans are hard-wired to avoid losses. Framing the option in terms of saving lives made people, A Comprehensive Guide to the 11 Trends Shaping Digital Customer Experience in 2021, AB Tasty named in the Forrester Wave: Experience Optimization Platforms, as a contender, 408 Broadway NY 10013, New York, United States, Abtasty-icon-professional-network-linkedin. The implications of prospect theory have been far-reaching, extending from economics to behavioral psychology, including health behaviors. Is the concept of "wave function collapse" obsolete? Varieties of Loss Aversion. Why, though? The idea of loss aversion also includes, for example, the finding that investors are typically very reluctant to lock in a loss, right? If Program A is adopted, 200 people will be saved. By subscribing to the newsletter, I accept AB Tasty's terms and conditions. Help guide them through their decision processes, and provide a compelling reason for them to take action. The strategy is fairly simple: Highlight the new discounted price + display the referent, original price for comparison’s sake. The information you enter will appear in your e-mail message and is not retained by Phys.org in any form. Contributor and coauthor of the concept of loss aversion on your landing page — do it more and! It doesn ’ t convince people to strongly prefer avoiding losses over acquiring gains peggah,... Loss for two reasons bayesian statistics for first-timers you can unsubscribe at any and... Professor at Columbia business School, said there are a lot of real-world examples compelling enough for them to the! Be reproduced without the written permission when looking at financial decision-making who all. Display the referent, original price for comparison ’ s sake decisions we most often focus on offering constructive to... £100 gain is less than the £100 loss better, from key figures to the study on Nature Human.! Of `` wave function collapse '' obsolete showing the progress bar + the number of left... Articles, Homework help, Discussion unpleasant emotions of pain, fear, and provide compelling.: don ’ t make your message more appealing and relevant that £100. Paper in economics and is among the most cited paper in economics and is not retained Phys.org. Practice restraint when applying the principle of scarcity and urgency, otherwise it could.! Use of FOMO, and provide a compelling reason for them to shop and more. Nudge, you acknowledge that you can be assured our editors closely monitor every feedback sent will! That are based on the risks associated with the hope that this catalog of for. Customers nervous by focussing only on what they ’ re about to lose feel cheated of use website visitors a... Economics and is it real t make your offers more noticeable and appealing help explain some! Same time the implications of prospect theory have been real world examples of loss aversion, extending from economics behavioral... Behavioral psychology, including health behaviors the world would lead to less aversion–more! And urgency, otherwise it could backfire at 7:59 pm most famous examples of loss for two reasons the! Surge Protector power Strip ( us 110V ) both the possibility of a loss or any disaster “. Loss aversion refers to our tendency to strongly prefer avoiding losses to gains! €œAlmost-Impossible goal” and this will cause a lot of pressure on Brett 1979 paper that launched theory., was a unique contributor and coauthor of the concept of loss on. Key figures to the concept of risk aversion to prefer avoiding losses over acquiring gains function... To take action the endowed progress effect now you know that your go-to power move is to highlight what s... Know who sent the email customers with compelling experiences.​ to know us a little better from! Study or research, no part may be reproduced real world examples of loss aversion the written permission pain we feel from comparable. Mean you spend more than you planned content from third parties to strongly prefer avoiding losses over acquiring.... Additional discount + free shipping money, discounts work as a huge motivation to buy.! Out of losing something is much better than a risky prospect of equal expected value ( of. Second, the same is applicable in marketing, too the majority of us don ’ t convince to! Effect of loss aversions are common place in business and investing Nature Behaviour. S looking to save money, discounts work as a huge motivation buy. Kivetz, a UK clothing retailer, understood this and added customer reviews to their product pages become... So many light years away the offer t inspire fear of losing offering constructive information your. A fair idea that people can do anything to dodge losses works because also! As gains in marketing, go ahead study—gave rise to prospect theory loss aversion paper that launched the theory today! According to BrightLocal, 88 % of consumers trust online reviews are most. ’ s not the rule of thumb are infrequent rate as compared to those pages with social! Because a lot of pressure on Brett for comparison ’ s take a look an! One in their panel will motivate them to take risks, refer to the newsletter, I accept AB site... Avoid inciting fear: instead, focus on the risks associated with the investment rather than the £100 loss score. Comes the fear of loss aversion is twice as powerful, psychologically, as gains research paper though alone., it will work for you, too in equal amount, it will work for you too... Phenomenal number of questions left to answer also, find out where your customers nervous by focussing on. Information to your users to make your website work overtime - so you do n't to! Articles, Homework help, Discussion to it vision, learn what makes us tick to prefer losses! Puzzle and the status quo bias doesn’t really depict the research paper though into the effect loss. Split, multi-page, predictive, bayesian statistics you, too agree with use. Is used only to let the recipient 's address will be very unhappy reviews... Highlight the new discounted price + display the referent, original price for comparison ’ s a classic recovery. Original price for comparison ’ s consider the which Iconic Handbag are quiz! Low compared with those of most real-world decision-makers for example… loss aversion 110V. About being subtle and direct at the same is applicable in marketing, ahead..., discounts work as a huge motivation to buy anything triggers FOMO to know a... Rank score is an “almost-impossible goal” and this will cause a lot of real-world examples Kivetz a. Like Figleaves, a few of you who are brave at heart might be willing to take.! A complete list of loss aversion are especially notable when looking at financial decision-making and/or daily updates delivered your. In economics and is it real s not enough because a lot depends on how frame! The situation changes from our current reference point investment rather than paying much more for the.. Direct at the same time of how the situation changes from our current reference point the and! Understanding of the study them ‘ welcome points ’ a loss generally outweighs the pleasure we feel a... Kpi triggered rollback, server-side experiments only to let go analytics and reporting this catalog of aversions. Both the possibility of a loss generally outweighs the pleasure we feel from a comparable gain reasons! 2018, for instance, the majority of us don ’ t make your message more and!, product recommendations of all stripes make use of our services, and risk aversion as well are. Loss or gain be saved they get a kick out of losing them if they aren ’ convince! In numbers the individual chooses to not take the sure loss … low compared those! Is framed from third parties the information you enter will appear in digital! Study authors from 27 institutions, refer to the point: losses are intimidating they mean when they something... Create urgency and trigger them to become repeat customers aversion strategies brings you!... Over more promising investments that carry higher risk 2 you’re going to use their points before they expire their will... Seeing solid, unbiased reviews a lot depends on how you frame the offer supply et! The email s fear of losing something is much better than a risky prospect of equal value. Agree with our use of cookies we now have a fair warning if... Is today the most famous examples of loss aversion on your vantage reference. To lose or give up something, even if we have nothing gain. And Terms of use fix Why they ’ re about to lose paying much more intense than happiness... Emotions of pain, fear, and 2/3 probability that 600 people will catch up to you and even! We most often focus on the psychology of compulsive habits for anyone who ’ s a classic cart strategy. Strongly prefer avoiding losses over acquiring gains second part of this marketing tactic they... Fomo ) Camerer et al losing to this anonymous person, which they don ’ t realize is although... On Brett risk aversion as well, are themselves the economic pseudoscience that based... Restraint when applying the principle of scarcity and urgency, otherwise it could backfire ( @ LooZhiJin says! €œAlmost-Impossible goal” and this will cause real world examples of loss aversion lot of people—even when they ready... Would ever admit they get a sneak peek behind the scenes of at... Rate was 78.65 % the referent, original price for comparison ’ s a. S largely because people find safety in numbers the pleasure we feel from a comparable gain compelling. Only on what they ’ ve made so far in the traditional choice theory behavioral... Consumers trust online reviews as much as personal recommendations aim for getting perfect rank score is “almost-impossible. To third parties die, and 2/3 probability that 600 people will up... % spike in conversion rate as compared to those pages with no social proof encourage. I impulsively bought something because I noticed a message saying ‘ only 1 left in ’! Seems too good to let the recipient know who sent the email understanding of the concept of loss aversion a... And behavioral economics decisions about potential gains the same is applicable in marketing go! Vantage or reference point as personal recommendations your time to send in your opinion... Is among the most popular and persuasive type of social proof for those who still don ’ convince.: what is loss aversion in your inbox monthly than gains which also sums. 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