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Behavioural Economics MrK May 2014 on Vimeo

Mr K talks about behavioural economics and the development of knowledge in the human sciences as part of the Theory of Knowledge programme in 2014.

Source: vimeo.com

See on Scoop.itBounded Rationality and Beyond

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Come il cervello si convince della bontà di una scelta – Le Scienze

Quando facciamo una scelta, siamo portati a sopravvalutare i benefici che ne abbiamo ricavato per effetto di uno specifico meccanismo di rinforzo delle connessioni neurali, che avviene in seguito al rilascio del neurotrasmettitore dopamina. Un nuovo studio ha permesso di chiarire che le regioni cerebrali coinvolte in questo fenomeno sono il corpo striato e due diverse porzioni della substantia nigra

Source: www.lescienze.it

See on Scoop.itBounded Rationality and Beyond

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Beyond Brand Tracking: Measuring the Impact of Campaigns in a Multi-Dimensional World on Vimeo

Each year, advertisers spend very large portions of their budgets on promoting their brands via increasingly more integrated marketing campaigns; however, understanding the return on these investments has always been a challenge. 

Constant changes in media, the advance of digital and the plethora of touchpoints that make up potential consumer engagement have simply made the picture more complex. Never before have brands had so many tools at their disposal to engage with consumers, promote their products and interact with their targets. What was once a relatively simple decision in terms of budget allocation and creative optimisation has become an extremely complex puzzle.

System 1 Brand Tracking measures the effectiveness and contribution of each element of a campaign and their impact on brand equity through an innovative approach inspired by the latest advances in behavioural science. Furthermore, it delivers where traditional brand tracking cannot – by revealing the emotionally charged relationship between a consumer and a brand, and delivering key takeaways to foster the emotional bond.

Gabriel Aleixo, Managing Director – LatAm, discusses case studies that demonstrate a more effective approach to brand tracking and measurement of integrated marketing campaigns, and the key driver to brand success – how consumers feel.

Source: vimeo.com

See on Scoop.itBounded Rationality and Beyond

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Behavioural Economics Channel: Part 1 – Applying BE to the client-agency relationship on Vimeo

A panel of industry experts joined David Wethey to examine how BE can be applied to overcome bottlenecks in client-agency relationships. At the SOCI on Monday 28th February, IPA President, Rory Sutherland introduced David Wethey, BE Think Tank member and Founder of AAI at an exclusive IPA event. Building on the seven key Behavioural Economics principles of 1) loss aversion, 2) the power of NOW, 3) scarcity value, 4) goal dilution, 5) chunking, 6) price perception and 7) choice architecture – David put forward a view on how BE can be applied in the client-agency relationship. In particular he believes that BE can make a critical contribution to decision making in client briefing. He also touched on the potential for Choice Architecture to improve the client-agency relationship in areas like pitching and remuneration.

Source: vimeo.com

See on Scoop.itBounded Rationality and Beyond

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Behavioural Economics: From Anecdote to Action on Vimeo

When it comes to making decisions, the fact is we think much less than we think we think! Behavioural Economics has shown that our decisions are guided not by our plans or intentions, but by where we are, the people we’re with and the unconscious forces inside us. Summaries of Behavioural Economics offer a collection of delightful anecdotes, but can leave you wondering how on earth to use it. To make sense of it, join Orlando Wood as he talks through BrainJuicer’s Behavioural Model; learn why it’s so important to make buying your brand fun, fast and easy and how the behavioural sciences can inspire better research and marketing.

Source: vimeo.com

See on Scoop.itBounded Rationality and Beyond

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Time Teasers: Structured Procrastination

Image credit: Dan Kleinan

A recent article in the New York Times highlighting the oft-overlooked
malady of “precrastination” gives us an opportunity to discuss some of the
downsides of our own intuitions in relation to existing time management
systems.

As the article points out, “people appear to be wired to incur a
significant physical cost to eliminate a mental burden.” When applied to
time management, this often results in what Dan Ariely refers to as
“structured procrastination”.

Structured procrastination involves getting little, relatively
insignificant things done, in an attempt to “eliminate a mental burden” —
in this case the burden of having many things on your plate. With a
standard to-do list, we have a long list of potential activities that vie
for our time, and we need to pick and choose which of all these things to
take care of first. Not surprisingly, this leads to us checking off those
things that are quick and easy to finish (and thus give us the joy of
checking them off quicker), as opposed to the things that are difficult but
also likely to be important.

On top of the drive to attend first to the small things (and maybe never
getting to the large ones), we also generally waste a great deal of time on
the maintenance of small tasks — just writing them down and then ticking
them off of our to-do lists.  This is of course a fantastic way to feel
productive, but it mostly results in putting off the things that we should
really be focusing on: the looming project, the awkward phone call, the
term paper.

Getting mentally demanding tasks done requires solidifying our commitment
to these tasks. Research suggests that simply scheduling things leads to a
much higher rate of completion, which is why we developed Timeful’s smart
suggestions. We think having a proactive calendar that reminds us about
truly important tasks is crucial to developing the behavior that will curb
precrastination and procrastination both.

Here’s Dan on the problem of structured procrastination:

Source: www.timeful.com

See on Scoop.itBounded Rationality and Beyond

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Expert violinists can’t tell old from new

In PNAS, Fritz et al. (1) follow up their groundbreaking 2012 paper with what will probably be the final nail in the coffin for those who would believe that old musical instruments sound demonstrably better than new instruments. Their study used six prized instruments, Stradivari and Guarneri “del Gesu” violins, and six modern violins. World class violinists who were literally blind to provenance (the violinists wore goggles that dramatically reduced their ability to see) were given two opportunities to play them: in a small salon and in a concert hall. They were allowed to bring a friend to act as a second judge. Their task was to rank order the violins in terms of desirability and to label them as old vs. new. These highly trained and highly discerning musicians utterly failed at detecting old vs. new and showed no consistent preferences.

The study balanced rigor with real-world considerations and represents the most ecologically valid conditions possible while maintaining strict experimental protocols. Yet, intriguingly, the participants themselves remained unconvinced, even after having seen the results with their own eyes (or heard them with their own ears). Said one, “the one thing that you cannot put into a new violin is that it’s been played for 300 years—these instruments change and develop.” Said another, “I would absolutely buy a new instrument, but for a later generation. They need to be broken in” (2).

Why is it that musicians and scientists reach different conclusions when considering the same data? This arises in part due to different ways of knowing things. Scientists know what they know through systematic observation of the external world, mediated by replicable experiments and objective measurement. Artists know what they know through emotional experience, subjectivity, and intuition. When they …

 

Source: www.pnas.org

See on Scoop.itBounded Rationality and Beyond




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