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- Cialdini speaks at LSE: “I feel indebted to behavioural economics”
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Category Archives: Choice architecture
Our latest article was published by the Marketing Society UK this week!
We might like to think that we make rational, conscious choices – for example, about what to eat, how to analyse a problem at work, what we choose to read, what new phone to buy.
In reality though, our choices and decision-making are often influenced by choice architecture – tiny, subconscious effects derived from the context in which we make the choice.
To read the article click here.
Our latest article was published this week all about empowering consumers by giving them access to their own data. ‘Big data empowers personalised defaults‘ looks at how access to such data means we can move beyond mass market, impersonal defaults, to customised, personalised defaults. Cass Sunstein and Richard Thaler, authors of the popular behavioural economics book ‘Nudge’ believe that personalised defaults are a big future trend.
We look at three up and coming examples:
- the UK government’s ‘midata‘ plans to give consumers access to their data in areas such as energy and banking;
- the recent launch of the Smart Disclosure Community by the US government which gives innovators and entrepreneurs access to consumer data in order to design apps and tools to help consumers navigate choice; and
- Tesco’s Clubcard Play which is giving its customers access to their Clubcard data and making it fun, through the use of games and goal creation.
On the opening morning of the conference Kahneman gave a talk all about ‘Thinking Fast and Slow‘ – the many cognitive biases that we are afflicted by and the ways in which our brain makes decisions. There were also other sessions on improving decision-making in business and on triggering sustainable choice using clever choice architecture which got delegates thinking about behaviour, judgement and decision-making.
However, our latest article ‘The Bright and the Blind at Davos 2013‘ discusses evidence that although bright people – like those at Davos – may have fewer biases they may actually be more blind to them.
Domino’s Pizza has become one of the first brands in the UK to use behavioural economics in overhauling its consumer marketing strategy. Behavioural Economics principles are being used to develop new ways of incentivising Dominos consumers. Simon Wallis, sales and marketing director at Domino’s Pizza says: ‘Not only are the behavioural economic principles fascinating, but the strength of the insights across all audiences is really promising. The use of our data to direct consumer planning makes those insights more relevant than ever.’