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How data science and behavioral economics can work together | Deloitte University Press

See on Scoop.itBounded Rationality and Beyond

What do predictive analytics and behavioral economics have in common? Quite a bit, as it turns out.

Two overdue sciences Near the end of Thinking, Fast and Slow, Daniel Kahneman wrote, “Whatever else it produces, an organization is a factory that produces judgments and decisions.”2 Judgments and decisions are at the core of two of the most significant intellectual trends of our time, and the one-word titles of their most successful popularizations have become their taglines. “Moneyball” is shorthand for applying data analytics to make more economically efficient decisions in business, health care, the public sector, and beyond. “Nudge” connotes the application of findings from psychology and behavioral economics to prompt people to make decisions that are consistent with their long-term goals. Other than the connection with decisions, the two domains might seem to have little in common. After all, analytics is typically discussed in terms of computer technology, machine learning algorithms, and (of course) big data. Behavioral nudges, on the other hand, concern human psychology. What do they have in common? When the ultimate goal is behavior change, predictive analytics and the science of behavioral nudges can serve as two parts of a greater, more effective whole.



Time is real? I think not

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