Archivio per luglio 2014

31
Lug
14

Nudged towards homebrand by our supermarkets; but is it really a choice?

nternational food giant Heinz has recently again complained about the behaviour of Australian supermarkets Coles and Woolworths, complaining the Australian retailers’ homebrand strategy is creating an “inhospitable environment” for suppliers by restricting consumer choice.

The increasingly widespread use of homebrand, or “private labels” in Australia illustrates the ugly relationship between such strategies, “nudge” theory and the illusion of choice.

Developed by academics such as Richard Thaler, director of the Centre for Decision Research at the University of Chicago,nudge theory works along the lines that most of us will not do what we should unless we get a gentle nudge in the right direction.

Restricting our choices via regulation or other government intervention when it comes to eating unhealthy food, but widening the choices when it comes to healthy food to make us eat more healthy food, is an example of nudge theory.

Once the majority starts eating more healthy food then the rest of us will be nudged into following as we won’t to be left behind.

Source: theconversation.com

See on Scoop.itBounded Rationality and Beyond

31
Lug
14

Nudged towards homebrand by our supermarkets; but is it really a choice?

See on Scoop.itBounded Rationality and Beyond

nternational food giant Heinz has recently again complained about the behaviour of Australian supermarkets Coles and Woolworths, complaining the Australian retailers’ homebrand strategy is creating an “inhospitable environment” for suppliers by restricting consumer choice.

The increasingly widespread use of homebrand, or “private labels” in Australia illustrates the ugly relationship between such strategies, “nudge” theory and the illusion of choice.

Developed by academics such as Richard Thaler, director of the Centre for Decision Research at the University of Chicago,nudge theory works along the lines that most of us will not do what we should unless we get a gentle nudge in the right direction.

Restricting our choices via regulation or other government intervention when it comes to eating unhealthy food, but widening the choices when it comes to healthy food to make us eat more healthy food, is an example of nudge theory.

Once the majority starts eating more healthy food then the rest of us will be nudged into following as we won’t to be left behind.

See on theconversation.com

31
Lug
14

AUDIO Q&A: Neuroeconomics and the answer to the ‘curse of choice’

We are faced with a myriad of choice in our lives – but an emerging body of work suggests the more choice we’re faced with, the more likely we’ll make a poor decision.

The conundrum is called the “curse of choice” and the field of neuroeconomics – a blend of economics, psychology and neuroscience – uses a variety of methodological tools to understand how we make decisions and help us improve our ability to choose well.

New York University Professor Paul Glimcher, a world leader in neuroeconomics, visited the University of Sydney recently to present his findings on the curse of choice – and how to overcome it.

Source: theconversation.com

See on Scoop.itBounded Rationality and Beyond

31
Lug
14

AUDIO Q&A: Neuroeconomics and the answer to the ‘curse of choice’

See on Scoop.itBounded Rationality and Beyond

We are faced with a myriad of choice in our lives – but an emerging body of work suggests the more choice we’re faced with, the more likely we’ll make a poor decision.

The conundrum is called the “curse of choice” and the field of neuroeconomics – a blend of economics, psychology and neuroscience – uses a variety of methodological tools to understand how we make decisions and help us improve our ability to choose well.

New York University Professor Paul Glimcher, a world leader in neuroeconomics, visited the University of Sydney recently to present his findings on the curse of choice – and how to overcome it.

See on theconversation.com

31
Lug
14

Nudge novelty has worn off, but we still need behavioural economics

It took decades for behavioural economics to break into the mainstream. Now, after just a few years of “bias”, “anchoring” and “nudge”, some critics are already questioning whether it has anything left to offer.

This is a curious suggestion. Behavioural economics might well be open to ill-informed accusations of relying on easy wins, but so it goes in many scientific disciplines. Challenging and refining findings is essential to how we progress, which is why relentless experimentation – the signature research method of behavioural economics – is the very foundation of science.

Make no mistake: behavioural economics is an experimental science in action. The perception of economics as non-experimental endured for most of the 20th century, sustained by the beliefs and pronouncements of figures as influential and as decorated as Milton Friedman, but nowadays many economists – not most, granted, but many – do run experiments.

What do these experiments actually tell us? Perhaps the single most important inference, one that’s demonstrated again and again, is that we need to invest in developing theories of behaviour that are built on evidence about how people make decisions rather than on age-old assumptions about how idealised hyper-rational beings ought to choose.

 

Source: theconversation.com

See on Scoop.itBounded Rationality and Beyond

31
Lug
14

Nudge novelty has worn off, but we still need behavioural economics

See on Scoop.itBounded Rationality and Beyond

It took decades for behavioural economics to break into the mainstream. Now, after just a few years of “bias”, “anchoring” and “nudge”, some critics are already questioning whether it has anything left to offer.

This is a curious suggestion. Behavioural economics might well be open to ill-informed accusations of relying on easy wins, but so it goes in many scientific disciplines. Challenging and refining findings is essential to how we progress, which is why relentless experimentation – the signature research method of behavioural economics – is the very foundation of science.

Make no mistake: behavioural economics is an experimental science in action. The perception of economics as non-experimental endured for most of the 20th century, sustained by the beliefs and pronouncements of figures as influential and as decorated as Milton Friedman, but nowadays many economists – not most, granted, but many – do run experiments.

What do these experiments actually tell us? Perhaps the single most important inference, one that’s demonstrated again and again, is that we need to invest in developing theories of behaviour that are built on evidence about how people make decisions rather than on age-old assumptions about how idealised hyper-rational beings ought to choose.

 
See on theconversation.com

31
Lug
14

The Limits of Logic: Should we embrace the irrational?

Logicians don’t rule the world or get the most done. Could it be that a consistent world view is neither desirable nor achievable? If we abandon the straightjacket of rationality might this lead to a more powerful and exciting future, or is it a heresy that leads to madness? 

Shahidha Bari asks Cambridge philosopher and author of Think Simon Blackburn, psychiatrist and author of The Master and His Emissary Iain McGilchrist, and radical journalist Beatrix Campbell whether we should embrace the irrational.

Source: iai.tv

See on Scoop.itBounded Rationality and Beyond




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