Archivio per 29 maggio 2015

29
Mag
15

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 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’s The 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, includingThinking 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).

See on business.financialpost.com

Annunci
29
Mag
15

How Economists Work and Think: Review of The World in the Model by Mary S. Morgan, Cambridge, Cambridge University Press, 2012

See on Scoop.itBounded Rationality and Beyond

How Economists Work and Think: Review of The World in the Model by Mary S. Morgan, Cambridge, Cambridge University Press, 2012

The World in the Model: How Economists Work and Think  is a timely and important book. Fordecades now, but especially in the years following the financial crisis, economistsÕ modelingpractices have been the target of a sustained critique. Under slogans such as Òeconomics isabout people, not curves,Ó critics have attacked the use of formal and abstract models ineconomics in favor of the careful historical study of observable social phenomena. If the battlelines look familiar, it may be because they largely mirror those drawn during theMethod enstreit  a century ago. The critique has succeeded in inspiring a series of movements among economics students in Spain, the UK, and elsewhere, but in spite of its venerable history appears to have been largely ineffective in changing the minds of practicing economists. To them, it does not reflect more than a superficial understanding of what they aretrying to accomplish by means of their modeling practices; nor does it propose what seems tothem a workable alternative approach.Meanwhile, philosophical literature on models and modeling in economics often fallsshort. For one thing, many contributions to this literature fail at the outset to adequatelydelineate the extension of the word model, thereby leaving it open to what sort of thing, precisely, the analysis is supposed to apply. Moreover, much of this literature depends to agreat extent on metaphors that are immediately appealing, but whose exact implicationsremain unspecified. For both these reasons, philosophical accounts of models and modelingare often hard to assess. And, more importantly in the present context, they don’t shed as much light as they should on contemporary economic modeling practices, their strengths and weaknesses.
See on academia.edu

29
Mag
15

Psychology and Experimental Economics A Gap in Abstraction Dan Ariely1 and Michael I. Norton

See on Scoop.itBounded Rationality and Beyond

ABSTRACT—Experimental economics and social psychology share an interest in a widening subset of topics, relying on similar lab-based methods to address similar questions about human behavior, yet dialogue between the two fields remains in its infancy. We propose a framework for understanding this disconnect: The different approaches the disciplines take to translating real-world behavior into the laboratory create a ‘‘gap in abstraction,’’ which contributes to crucial differences in philosophy about the roles of deception and incentives in experiments and limits cross-pollination. We review two areas of common interest—altruism and groupbased discrimination—which demonstrate this gap yet also reveal ways in which the two approaches might be seen as complementary rather than contradictory. KEYWORDS—experimental economics; experimentation; deception; incentives

See on people.duke.edu

29
Mag
15

Experimental Methods in Economics and Psychology: A Comparison

See on Scoop.itBounded Rationality and Beyond
Abstract

This article compares the use of experiments as a research method in economics and psychology. We outline the most important differences between the two fields in terms of their use of experimental methods. The purpose of the article is two-fold. First, to provide an overview of areas where economic experiments differ from traditional psychological experiments. Second, to debate experimental economics in relation to experiments in other social sciences.

  
See on sciencedirect.com




Time is real? I think not

maggio: 2015
L M M G V S D
« Apr   Giu »
 123
45678910
11121314151617
18192021222324
25262728293031

Commenti recenti

Inserisci il tuo indirizzo e-mail per iscriverti a questo blog e ricevere notifiche di nuovi messaggi per e-mail.

Segui assieme ad altri 1.024 follower

Annunci

%d blogger hanno fatto clic su Mi Piace per questo: