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NewMR Behavioural Economics

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  • 1. An Introduction to Behavioural Economics 19 April 2012 Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 2. Agenda1. The context for Behavioural Economics2. Key themes3. Implications for market research4. Further reading5. Closing thoughts Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 3. Rational Consumers Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 4. Wages are sticky Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 5. Psychology Cognitive Psychology Social Psychology Evolutionary Psychology Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 6. Ultimatum GameOriginally proposed by Güth, Schmittberger, and Schwarze Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 7. We are to thinking as catsare to swimmingwe can do it if we have to Daniel Kahneman Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 8. System 1 and 2 System 1 System 2 – Make a disgust face when – Focus on one person’s shown horrible picture voice in a crowded room – Calculate 2+2=? – Fill out a tax form – Drive car on empty road – Walk faster than is normal – Detect that one object is for you more distant than another – Compare two washing – Complete the phrase machines for overall value “Bread and ……” – Look for a woman with white hairFrom Daniel Kahneman’s Thinking Fast and Slow Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 9. Context Dan Ariely Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 10. Default and Inertia Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 11. Rating Problem Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 12. Priming, Anchoring, FramingHow expensive do you think a business returnflight from London to New York in May will be?______What would you expect to pay for aneconomy return flight from London to Parisin May?(pick the answer closest to the number in your mind) a. Less than £40 a. Less than £100 b. £40 b. £150 c. £80 c. £200 d. £120 d. £250 e. £160 e. £300 f. More than £200 f. More than £300 Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 13. Implications for Market Research1. Back to basics – Research is a psychological instrument – Experimental design – Consistent relationship between response & action2. Key elements – Context – System 1 or 2 – Is the decision personal or social? Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 14. Further Reading Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 15. 4 Thoughts1. Don’t throw the baby out with the bathwater2. The issues raised by BE are reasons to use professional researchers, and a risk for DIY3. Don’t just use a technique you’ve used before, think about why and how it might work?4. Of all the points BE raises, context is probably the most ‘powerful’ Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 16. Thank You Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 17. Q&A Sue York Ray Poynter NewMR Vision Critical Speaker: Ray Poynter, VCU @ Vision Critical, UKNewMR Behavioural Economics Event, 19 April 2012, Session 1
  • 18. Ray Poynter and Vision Critical 1-7 Boundary Row London, SE1 8HP United Kingdom Phone: +44 (0) 20 7633 2900 T: @RayPoynter L: http://www.linkedin.com/in/raypoynter Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1