3 Applications Of Behavioral Economics In The Real World
As a ‘newbie’ economist, with a vast theoretical background, thirst for knowledge, and impatience to make an impact on the world, Behavioral Economics became my main interest and passion.
The problem is, most professionals, especially supervisors and even HR specialists, cannot really understand how Behavioral Economics apply to their work routine. There are times that even I find myself trapped in the same frequency of thought.
Every company is looking for ways to reduce their cost-and-time-spent-versus-profit ratio. In order to achieve this, they need insights, and use market research and data analysis as their main tools.
A Behavioral Economist is useful in both areas. That’s the primary reason why my main mission is to figure out the application of Behavioral Economics in the commercial world.
Let’s dive into three useful applications:
1) Small Data Is The New Big Data
References
NextStage Evolution https://www.facebook.com/nextstagevolution
Alain Samson (2015), ‘The Behavioral Economics Guide 2015’ https://www.behavioraleconomics.com/the-behavioral-economics-guide-2015/
Richard H. Thaler and Cass R. Sustein (2008), ‘Nudge: Improving Decisions about Health, Wealth and Happiness’
Berkowitz, A. D. (2004). The social norms approach: Theory, research, and annotated bibliography.
Diploma in Applied Psychology – Consumer Behavior, ALISON – Free online learning https://alison.com/courses/diploma-in-applied-psychology-consumer-behavior/content
About the Author
Chronis Lalas
Chronis Lalas is an upcoming Behavioral Economist who is researching and publishing about the applications of Behavioral Economics in the real world. As a young economist, his vision is to inspire students and the young generation to have a better understanding of Decision Making.
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