How behavioural economics can improve decision making (sample)

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Extract of slides presented to CPA Australia National Conference 2012 on how behavioural economics can improve decision making. Covers Status Quo bias and three key reasons people fail to take action.

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How behavioural economics can improve decision making (sample)

  1. 1. Breaking through 3 decision making blockers with Behavioural Economics Sample slides from presentation given at CPA Australia National Conference 2012 by Bri Williams, specialist in Buying Behaviour Presentation & materials are the property of People Patterns Pty Ltd and cannot be reproduced without permission. All Rights Reserved.
  2. 2. Image credit: Supplied
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  7. 7. Ian McaulyImage credit: Courier Mail
  8. 8. 3% fat ✔ 97% fat freeImage credit: iStockphoto
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  10. 10. Representativeness Information avoidance Systems 1 & 2 Self herdingCertainty bias Ambiguity Herding Status Diagnosis bias Quo(default) bias effect Depletion effects Anchoring Resolving cognitive Halo effect dissonance Heuristics Judgment heuristic Completion Bandwagon effect Clustering illusion Revenge Confirmation bias Rules of thumb Choice paradoxProcedural fairness Relativity Choice bracketing Framing Pattern recognition Decoupling Hyperbolic discounting Mental accounting Hedonic framing Sunk cost Loss aversion Inter temporal choice Availability bias Not invented here biasImpact bias Adaptation Free Drop in the bucket effect Contra free loadingShort term bias Endowment effect Fluency Vividness Actor-observer bias Scarcity perception Ikea effect Image credit: rgbstock.com
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  12. 12. Myki image credit: myki.com.auVoting image credit: rgbstock.comDog food image credit: feedingadog.yolasite.com
  13. 13. ☐ Opt in  Opt outImage credit: rgbstock.com
  14. 14. Image credit: Flyingg from Flickr
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  17. 17. 1.5 – 2.5 xImage credit: rgbstock.com
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  19. 19. Image credit: The Age
  20. 20. 24 jams 6/10 3%6 jams 4/10 30% Iyengar & Lapper 2000
  21. 21. Image credit: rgbstock.com
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  23. 23. 70% vs 10%Levav & Danziger 2011Image credit: The Daily Telegraph
  24. 24. Too scared MitigateToo overwhelmed ClarifyToo lazy Simplify
  25. 25. Image credit: rgbstock.com
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  27. 27. 80% chance of survival X2 20% chance of mortalityLehrer
  28. 28. Certainty * Vaccine A gives 100% protection against one strain but none against the other Vaccine B gives 50% protection against the flu Mcauly Image credit: rgbstock.com
  29. 29. Image credit: rgbstock.com
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  31. 31. Breaking longer-term down
  32. 32. Goldstein, Griskevicius, Cialdini 2008
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  35. 35. Image credit: rgbstock.com
  36. 36. bri@peoplepatterns.com.au0408 392 173@peoplepatternswww.peoplepatterns.com.au
  37. 37. Presentation & materials are the property of People Patterns Pty Ltd and cannot be reproduced without permission.All Rights Reserved.

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