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DR@W Forum - Leigh Caldwell (Inon)
Leigh Caldwell (Inon)
Commercial Exploitation of Behavioural Economics
Behavioural economics research, and related work in cognitive science and psychology, have in recent decades given scientists a solid understanding of many aspects of human decision processes. Policymakers have started to use these insights for the public benefit, but companies can use them for profit-making ends too. One might have expected research showing how to manipulate consumers' perceptions of value and price to have swept the advertising world immediately, but implementation of these ideas has been hesitant. I will show some case studies of where decision-making research is being used - from my own consulting work and that of others - discuss why it might not have been taken up more widely and what may need to change for behavioural economics to make a big impact in the business world.