Archivio per settembre 2015

30
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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

30
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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
Set
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
Set
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

27
Set
15

Behavioural biases among real estate investment decision makersHas anyone seen my neo-cortex? I’m sure I left it here somewhere

See on Scoop.itBounded Rationality and Beyond
Abstract: Purpose – To examine whether investors in commercial real estate exhibit some important behavioural biases, namely: anchoring, herding, framing/nudging, loss aversion and over-confidence. If so, are there steps that investors and their agents ( fund managers and advisors) could take (a) to temper the effects of their own biases and (b) to exploit the presence of such biases in other market participants? Design/methodology/approach – Analysis of historic data sources at asset and market levels and over different time periods, with focus on identifying the specific biases listed above, singly and in combination Findings – Understanding of behavioural bias merits greater attention. Research limitations/implications – Reliance on inferences from historic data Practical implications – May help develop clearer understanding of market drivers and improved decision-making for market participants. Originality/value – New research within the real estate industry that could help investors understand the highly cyclical nature of commercial real estate investment markets Keywords: behavioural biases – anchoring – herding – framing – loss aversion – over-confidence Article Classification: Viewpoint

 

See on architexturez.net

27
Set
15

Risk Behavior, Risk Perception and Online Shopping: An Experimental Approac

See on Scoop.itBounded Rationality and Beyond
Abstract: In this paper, we analyze and link self-reported risk perception data obtained from surveys and experimentally elicited risk parameters and use them to explain online shopping behavior. We find that self-reported risk data turn out to be not correlated with the actual risk parameters. Although risk perceptions do not play a significant role in explaining binary online shopping behavior, risk parameters of the subjects elicited via a new hybrid experimental methodology play a very important role. The data also reveals that actually risk-averse subjects tend to report themselves to be just as risk-loving as the ones who exhibit risk-loving behavior.
See on econpapers.ipek.edu.tr

27
Set
15

Using Science to Make Government Work Better – MIND Guest Blog – Scientific American Blog Network

See on Scoop.itBounded Rationality and Beyond

On September 15th, President Obama issued an executive order that acknowledges something we have known for a long time: Human beings are not rational creatures who reliably fill out tax documents, enroll in savings programs, or apply for loans, as economic models assume they do. Instead, they systematically and predictably make decisions that run counter to their best interests, as centuries of observations suggest and behavioral science research now empirically confirms.

Obama’s order encourages government “to more fully realize the benefits of behavioral insights and deliver better results at a lower cost for the American people,” representing a fundamental shift in not just how we approach public policy but how we understand human nature.

See on blogs.scientificamerican.com




Time is real? I think not

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