Archivio per 21 ottobre 2014

21
Ott
14

Behavioural economics: How to ‘nudge’ customers and influence people

Behavioural economics posits that all behaviour, including in business, is shaped by irrational and unconscious influences.

Behavioural economics posits that all human behaviour, including in business, is shaped by irrational and unconscious influences, such as bias, social pressure and cognitive inertia. The notion of psychology as a driver of economic action is not new: As an academic discipline behavioural economics dates back to the 1970s, and the foundational principle back at least to Adam Smith’sThe Theory of Moral Sentiments Behavioural economics has, however, only in recent years found widespread currency within the business world, spurred by a plethora of bestsellers, including Thinking Fast and Slow (2011) by Daniel Kahneman and Predictably Irrational (2oo8) by Dan Ariely.
Increased interest from the business community is due to the insights gleaned from the discipline, which have been used to successfully “nudge” customer behaviour in a variety of sectors, such as wealth management, insurance, customer products and retail. Specifically, behavioural economics has been used by product managers to guide consumers toward certain product choices (i.e., “choice design”), by marketers to develop brochures and Web sites that more persuasively communicate marketing messages and by service managers to design better support experiences.
The field can provide hundreds of potential “triggers” to augment behaviour, depending on the business objective, situation and context. Psychologists Robert Cialdini, Noah Goldstein and Steve Martin identify 50 different possible applications in The Small Big: Small Changes That Spark Big Influence (2014).Three among the list include: Leverage social proof:People will make the same decisions as a group with which they identify. Nudge people to adopt a new behavior by showing them a training video featuring their peers doing the same thing.Invoke first names: Get and keep people’s attention by frequently using their first name. A sales representative’s repeated use of a prospect’s name will cue their attention through the clutter of other sensory inputs and focus attention on the key message.The power of loss avoidance:</strong> Individuals strongly prefer avoiding losses to acquiring gains. Marketing studies have shown that consumers would rather avoid a $5 surcharge then get a $5 discount even though the net effect is the same. Case study: behavioural economics in action.

 

Source: business.financialpost.com

See on Scoop.itBounded Rationality and Beyond

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21
Ott
14

Behavioural economics: How to ‘nudge’ customers and influence people

See on Scoop.itBounded Rationality and Beyond

Behavioural economics posits that all behaviour, including in business, is shaped by irrational and unconscious influences.

Behavioural economics posits that all human behaviour, including in business, is shaped by irrational and unconscious influences, such as bias, social pressure and cognitive inertia. The notion of psychology as a driver of economic action is not new: As an academic discipline behavioural economics dates back to the 1970s, and the foundational principle back at least to Adam Smith’sThe Theory of Moral Sentiments Behavioural economics has, however, only in recent years found widespread currency within the business world, spurred by a plethora of bestsellers, including Thinking Fast and Slow (2011) by Daniel Kahneman and Predictably Irrational (2oo8) by Dan Ariely.
Increased interest from the business community is due to the insights gleaned from the discipline, which have been used to successfully “nudge” customer behaviour in a variety of sectors, such as wealth management, insurance, customer products and retail. Specifically, behavioural economics has been used by product managers to guide consumers toward certain product choices (i.e., “choice design”), by marketers to develop brochures and Web sites that more persuasively communicate marketing messages and by service managers to design better support experiences.
The field can provide hundreds of potential “triggers” to augment behaviour, depending on the business objective, situation and context. Psychologists Robert Cialdini, Noah Goldstein and Steve Martin identify 50 different possible applications in The Small Big: Small Changes That Spark Big Influence (2014).Three among the list include: Leverage social proof:People will make the same decisions as a group with which they identify. Nudge people to adopt a new behavior by showing them a training video featuring their peers doing the same thing.Invoke first names: Get and keep people’s attention by frequently using their first name. A sales representative’s repeated use of a prospect’s name will cue their attention through the clutter of other sensory inputs and focus attention on the key message.The power of loss avoidance:</strong> Individuals strongly prefer avoiding losses to acquiring gains. Marketing studies have shown that consumers would rather avoid a $5 surcharge then get a $5 discount even though the net effect is the same. Case study: behavioural economics in action.

See on business.financialpost.com

21
Ott
14

Why Emotional Excess is Essential to Writing and Creativity

Something is always born of excess: great art was born of great terrors, great loneliness, great inhibitions, instabilities, and it always balances them.” The third volume of Anaïs Nin’s diaries has been on heavy rotation in recent weeks, yielding Nin’s thoughtful and timeless meditations on life,mass movements, Paris vs. New York, what makes a great city, and the joy of handcraft. The subsequent installment, The Diary of Anais Nin, Vol. 4: 1944-1947 (public library) is an equally rich treasure trove of wisdom on everything from life to love to the art of writing. In fact, Nin’s gift shines most powerfully when she addresses all of these subjects and more in just a few ripe sentences. Such is the case with the following exquisite letter of advice she sent to a seventeen-year-old aspiring author by the name of Leonard W., whom she had taken under her wing as creative mentor.

Source: www.brainpickings.org

See on Scoop.itBounded Rationality and Beyond

21
Ott
14

Why Emotional Excess is Essential to Writing and Creativity

See on Scoop.itBounded Rationality and Beyond

Something is always born of excess: great art was born of great terrors, great loneliness, great inhibitions, instabilities, and it always balances them.” The third volume of Anaïs Nin’s diaries has been on heavy rotation in recent weeks, yielding Nin’s thoughtful and timeless meditations on life,mass movements, Paris vs. New York, what makes a great city, and the joy of handcraft. The subsequent installment, The Diary of Anais Nin, Vol. 4: 1944-1947 (public library) is an equally rich treasure trove of wisdom on everything from life to love to the art of writing. In fact, Nin’s gift shines most powerfully when she addresses all of these subjects and more in just a few ripe sentences. Such is the case with the following exquisite letter of advice she sent to a seventeen-year-old aspiring author by the name of Leonard W., whom she had taken under her wing as creative mentor.

See on brainpickings.org

21
Ott
14

Bias cognitivi: cinque modi veloci per ingannarsi da soli

I bias cognitivi sono automatismi mentali che ci portano a giudicare e a decidere in fretta e senza fatica. Peccato che decisioni e giudizi siano sbagliati.

Source: nuovoeutile.it

é dimostrato che questa visione negativa dei bias cognitivi è dovuta solo all’averli rilevati quando sbagliano, gli studiosi che affermano questo non considerano il numero superiore di casi in cui certi bias agiscono in modo corretto.

See on Scoop.itBounded Rationality and Beyond

21
Ott
14

Bias cognitivi: cinque modi veloci per ingannarsi da soli

See on Scoop.itBounded Rationality and Beyond

I bias cognitivi sono automatismi mentali che ci portano a giudicare e a decidere in fretta e senza fatica. Peccato che decisioni e giudizi siano sbagliati.

Alessandro Cerboni’s insight:

é dimostrato che questa visione negativa dei bias cognitivi è dovuta solo all’averli rilevati quando sbagliano, gli studiosi che affermano questo non considerano il numero superiore di casi in cui certi bias agiscono in modo corretto.

See on nuovoeutile.it

21
Ott
14

Study: Most published results in financial economics are wrong

Harvey says he was inspired by a 2005 study that shook the medical community when it proclaimed that more than half of all medical study findings are wrong. He wanted to know if that was true in the area of finance as well.

He and his co-authors studied 315 papers that examine different factors that might predict returns on stocks. Those papers propose all sorts of different potentially predictive variables, like leverage and price-to-earning ratios.

He uses genetic testing as a way of explaining.Scientists wanting to find the gene that causes or is related to a particular disease might test lots of genes. For any one gene-disease test, the odds that a statistical relationship between the two is a pure coincidence are low. But as you test more and more hypotheses, the odds of finding a “statistically significant” relationship that has no causal basis get higher and higher.

Source: www.vox.com

See on Scoop.itBounded Rationality and Beyond




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