Archivio per settembre 2015

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Using behavioral science to improve the customer experience | McKinsey & Company

See on Scoop.itBounded Rationality and Beyond

By guiding the design of customer interactions, the principles of behavioral science offer a simple, low-cost route to improved customer satisfaction. A McKinsey Quarterly article.

Service operations seem a natural setting for the ideas of behavioral science. Every year, companies have thousands, even millions, of interactions with human beings—also known as customers. Their perceptions of an interaction, behavioral scientists tell us, are influenced powerfully by considerations such as its sequence of painful and pleasurable experiences. Companies care deeply about the quality of those interactions and invest heavily in effective Web sites and in responsive, simplified call centers.

Yet the application of behavioral science to service operations seems spotty at best. Its principles have been implemented by relatively few companies, such as the telecommunications business, which found that giving customers some control over their service interactions by allowing them to schedule field service visits at specific times could make them more satisfied, even when they had to wait a week or longer. Many more companies ignore what makes people tick. Banks, for example, often disturb the customer experience by altering the menus on ATMs or the interactive-voice-response (IVR) systems in call centers. They fail to recognize the psychological discomfort customers experience when faced with unexpected changes.

 

See on mckinsey.com

Annunci
30
Set
15

Stochastic Optimal Growth Model with Risk Sensitive Preferences

See on Scoop.itBounded Rationality and Beyond
Abstract: This paper studies a one-sector optimal growth model with i.i.d. productivity shocks that are allowed to be unbounded. The utility function is assumed to be non-negative and unbounded from above. The novel feature in our framework is that the agent has risk sensitive preferences in the sense of Hansen and Sargent (1995). Under mild assumptions imposed on the productivity and utility functions we prove that the maximal discounted non-expected utility in the infinite time horizon satisfies the optimality equation and the agent possesses a stationary optimal policy. A new point used in our analysis is an inequality for the so-called associated random variables. We also establish the Euler equation that incorporates the solution to the optimality equation.

 

See on arxiv.org

30
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15

The Dark Side of How We Think Without Thinking: Malcolm Gladwell on Amadou Diallo (2005) – YouTube

See on Scoop.itBounded Rationality and Beyond

The author describes the main subject of his book as “thin-slicing”: our ability to gauge what is really important from a very narrow period of experience. In other words, this is an idea that spontaneous decisions are often as good as—or even better than—carefully planned and considered ones. Gladwell draws on examples from science, advertising, sales, medicine, and popular music to reinforce his ideas. Gladwell also uses many examples of regular people’s experiences with “thin-slicing.”

The book argues that intuitive judgment is developed by experience, training, and knowledge. For example, Gladwell claims that prejudice can operate at an intuitive unconscious level, even in individuals whose conscious attitudes are not prejudiced. An example is in the halo effect, where a person having a salient positive quality is thought to be superior in other, unrelated respects. Gladwell uses the 1999 killing of Amadou Diallo, where four New York policemen shot an innocent man on his doorstep 41 times, as another example of how rapid, intuitive judgment can have disastrous effects.

http://en.wikipedia.org/wiki/Blink_%2..

See on youtube.com

30
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15

Richard Thaler with Malcolm Gladwell on Misbehaving – YouTube

See on Scoop.itBounded Rationality and Beyond

Behavioral economist Richard Thaler talks to bestselling author Malcolm Gladwell on the implications of behavioral economics on how we think about the world, from our personal lives to business to society.

They will have you retooling your grocery list and retirement strategies, and lead managers to rethink every aspect of their business.

Recorded May 19, 2015 at 92nd Street Y.

Subscribe for more videos like this: http://bit.ly/1GpwawV

See on youtube.com

30
Set
15

Richard Thaler, “Misbehaving” – YouTube

See on Scoop.itBounded Rationality and Beyond

Many people first heard the term “behavioral economics” when Thaler, Chicago professor of behavioral science and economics, and co-author Cass Sunstein published Nudge in 2008. Thaler’s new book retraces the thinking behind that bestselling paradigm shift, showing how he came to understand human miscalculations not as negligible to, but instrumental in, markets and systems, from national budgets to household spending to NFL drafts.

Founded by Carla Cohen and Barbara Meade in 1984, Politics & Prose Bookstore is Washington, D.C.’s premier independent bookstore and cultural hub, a gathering place for people interested in reading and discussing books. Politics & Prose offers superior service, unusual book choices, and a haven for book lovers in the store and online. Visit them on the web at http://www.politics-prose.com/

See on youtube.com

30
Set
15

Richard Thaler and Hal Varian: Behavioral Economics – YouTube

See on Scoop.itBounded Rationality and Beyond

Richard Thaler, Behavioral Science and Economics Professor, University of Chicago; Author, Misbehaving: The Making of Behavioral Economics; Twitter @R_Thaler
Hal Varian, Chief Economist, Google; Twitter @halvarian
George Anders, Contributing Writer, Forbes; Twitter @GeorgeAnders – Moderator

Traditional economics assumes rational actors. Our lived experiences, however, tell us otherwise: real people are often error-prone individuals rather than Spock-like automatons. Whether buying concert tickets or applying for a mortgage, we all make decisions that deviate from assumed rationality standards. We misbehave, and our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make smarter decisions in our personal lives, our businesses and our governments. Thaler and Varian, economists of the information age, discuss the intersection of economics and psychology, and offer innovative strategies to approach an increasingly complex world.

See on youtube.com

29
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15

Behavioural economics for better decisions – All In The Mind – ABC Radio National (Australian Broadcasting Corporation)

See on Scoop.itBounded Rationality and Beyond

Humans ‘misbehave’—we’re irrational, indecisive and passionate, yet conventional economics assumes that we will always act logically. Can using a more realistic understanding of human behaviour nudge us to change our way of thinking? Olivia Willis reports.

See on abc.net.au




Time is real? I think not

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