Behavioral Economics

What is a bad decision? It is tempting to say, “one with a bad outcome”, but unless the outcome was certain right from the start, this is not the right criterion. Bad decision making is about flaws in the process, not in the result. Two particular flaws are widespread — or is it three? — It is fascinating to see small children play and learn — especially when they are constructing things, for example with plastic bricks from a well-known Danish company. When the object they made falls over, they might remove a block from one place and put it in the right position to…

In sales, building rapport and connection with potential customers is essential to closing deals. One powerful technique that can help you do this is sales mirroring. In this blog, we are going to dive into what is sales mirroring, the science behind it, best practices and more! What is Sales Mirroring? Sales mirroring is…

Our cognition — and that of many other organisms — is based on associating new information to past experiences. These associations can become complex, and confront us with unpleasant contradictions — Last Saturday at the crack of dawn, the police were called to Broadcasting House, the BBC’s emblematic headquarters in central London. A man wearing a Spiderman mask had climbed up a scaffold around a statue at the entrance, and was attacking it with a hammer and chisel. The scaffold was…

Impact of quick thinking on long-term decisions in daily life: learn the influence of cognitive biases. — I casually read the book “Thinking, Fast and Slow.” The basic learning is that we make two kinds of decisions: day-to-day decisions (quick thinking) and long-term decisions (causing rippling effects). Quick decisions include choosing between tea or coffee or deciding to wear red or brown. Long-term decisions involve selecting a…

Welcome to the captivating world of finance, where the interplay of money, investments, and financial management sparks curiosity. Join me as I take you on an expedition, diving deep into the enigmatic world of behavioral finance — a fusion of psychology and finance. In this article, I want us to…

In today’s data-driven world, understanding user behavior has become paramount for businesses seeking to deliver personalized experiences and targeted marketing campaigns. Behavioral segmentation offers a powerful approach to uncovering valuable insights about users and tailoring strategies accordingly. …

The Psychology of Consumption: Insights from Richard Thaler Behavioral economist Richard Thaler proposes the concept of a “mental accounting” that influences our consumption patterns. This accounting determines our income and dictates our spending decisions. By examining this perspective, we discover that people’s irrational spending habits often stem from internal deficiencies and societal influences.

1 VITAL thing you MUST accept to boost reach, leads, and sales is… 🎇 …there’s an elephant in your brain. 🐘 “Excuse me, what?” 😐 I KNOW. Listen. You’re not alone. You’ve got one. I’ve got one. We’ve all got one… …including your target audience. 😏🤷🏿‍♂️ Don’t believe me? Take it from Social Psychologist, Jonathan Haidt on how to best view human behaviour, and…

Asking Google Bard for a list of companies that have decided to start charging for product returns within the last twenty four months yields an impressive collection of retailers: Abercrombie & Fitch, American Eagle Outfitters, Belk, Boohoo, Dillard’s, Foot Locker, JCPenney, Kohl’s, Macy’s, Mountain Warehouse, Next, Sephora and Zara. Though…