How Not to Get Ripped Off on Black Friday — Juanjuan Zhang and T. Tony Ke

MIT Sloan Prof. Juanjuan Zhang

MIT Sloan Prof. Juanjuan Zhang

MIT Sloan Asst. Prof. T. Tony Ke

MIT Sloan Asst. Prof. T. Tony Ke

From Fortune

Don’t get seduced by the hype.

The holiday season is upon us and—based on all the Internet ads, television commercials, and store fliers about—it appears you’ve been granted a golden opportunity to reap huge savings on gifts for everyone on your shopping list.

We are, of course, being facetious—store sales are little more than hype and hyperbole conducted to move merchandise and boost retailers’ bottom lines. And yet even the savviest shoppers among us can be drawn in by the plethora of psychological tricks stores employ to get us to make impulse purchases and overspend.

Do not despair. It is possible to show restraint and become a more rational shopper. Whether you’re planning to head to the mall on Black Friday, traipse down Main Street on Small Business Saturday, or fire up your laptop on Cyber Monday, all you have to do is remember these three basic principles.

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