Behavioural Economics: New or just new to you?
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Behavioural Economics: New or just new to you? Presented By Annie Pettit Chief Research Officer , Peanut Labs
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Behavioural Economics: New or just new to you?
- 1. #NetGain8 @LoveStats Behavioural Economics: New or just new to you? Presented By Annie Pettit annie@peanutlabs.com
- 2. #NetGain8 @LoveStats Behavioural economics is the application of insights and research from psychology to economics
- 3. #NetGain8 @LoveStats Tenet of Behavioural Economics Humans are irrational
- 4. #NetGain8 @LoveStats Behavioural Economics Discovered 2012
- 5. #NetGain8 @LoveStats Adam Smith, 1723-1790 • First acknowledged behavioral economics • Human psychology is imperfect and could have an impact on economic decisions 1700’s
- 6. #NetGain8 @LoveStats Irving Fisher, 1867-1947 • “Human" factor in economic decision- making was a potential explanation for the stock market crash of 1929 and the great depression 1930’s
- 7. #NetGain8 @LoveStats Herbert Simon, 1916-2001 • Coined "bounded rationality“ in 1955 • Humans don't possess infinite decision- making capabilities • Nobel Prize in 1978 1955
- 8. #NetGain8 @LoveStats Kahneman and Tversky, 1979 • Began significant research in the field • Published "Prospect Theory“ in 1979 1979
- 9. #NetGain8 @LoveStats David Laibson • First conference at University of Chicago in 1986 • First official behavioral economics professor in 1994 • Quarterly Journal of Economics devoted an entire issue in 1999 1990’s
- 11. #NetGain8 @LoveStats People always share their honest opinions with researchers False
- 12. #NetGain8 @LoveStats A B C
- 13. #NetGain8 @LoveStats Solomon Asch, 1951 • Asch Conformity Experiments –People asked to estimate the length of a line chose the same answer as other people who were obviously wrong
- 14. #NetGain8 @LoveStats Candid Camera, 1960s • People positioned themselves like everyone else in the elevator
- 15. #NetGain8 @LoveStats Jenness, 1932 • People asked to estimate the number of beans in a jar almost always adjusted their count close to those of other people
- 16. #NetGain8 @LoveStats The first set of guesses on the sheet are fake and deliberately over guessed The winner is…
- 17. #NetGain8 @LoveStats I am the master of my own domain False
- 18. #NetGain8 @LoveStats Milgram Obedience, 1963 • Stanley Milgram, Yale University • People will obey an authority figure who instructs them to perform acts that conflict with their conscience
- 19. #NetGain8 @LoveStats Zimbardo Experiment, 1971 • Philip Zimbardo, Stanford University • Situations determine human behaviour 19
- 20. #NetGain8 @LoveStats I know why I do things False
- 21. #NetGain8 @LoveStats Cognitive Dissonance, 1959 • Festinger and Carlsmith, Stanford University • People who received $1 for a boring task rated it more positively than those in the $20 and control groups.
- 22. #NetGain8 @LoveStats Jack Brehm, 1956 • Students rated desirability of household items. • Students chose choose between two equally desirable items • When asked to rate all items again, everyone increased the ratings of the items they had chosen and downgraded the ratings of their second-choice items. = >
- 23. #NetGain8 @LoveStats Halo Effect, 1920 • Edward Thorndike • Our overall impression can be based on one trait • High correlation of physical, intellect, leadership skills, and personal qualities of soldiers.
- 24. #NetGain8 @LoveStats Every behavioural economics study being imagined today has been done before. True
- 25. #NetGain8 @LoveStats What does this mean for market researchers?
- 26. #NetGain8 @LoveStats Don’t Expect the Truth • It costs a lot so it must be good • Everyone else likes it so it must be good. • I’m sure I like it. The package is really nice. • I NEED it now. I can’t wait for a sale. • This Christmas music has no effect on my purchases. • Knowing Justin Bieber likes this has no effect on my purchases. • Advertising doesn’t affect me.
- 27. #NetGain8 @LoveStats Impact on Market Research • Stop asking for opinions: – Would you pay… – Why do you like… – Why do you buy… – Why would you switch… – How much would you pay… – Do you care if your best friends buys… – Will you wait for the sale or buy it now… – Do you care if the package is red or blue… – Would you buy products made by children… – Would you pay more for products made by Canadians…
- 28. #NetGain8 @LoveStats Impact on Market Research • Start asking for behaviours: – Did you buy… – Have you paid… – What did you pay… – When did you pay… – Did your friend buy… – Where did you pay… – What did you buy on sale… – What coupons did you use… – What did you buy at full price… – Did you buy products made by…
- 29. #NetGain8 @LoveStats Behavioural Economics is a buzz word for… Market Research
- 31. #NetGain8 @LoveStats How To Contact Us Annie Pettit Chief Research Officer Peanut Labs annie@peanutlabs.com twitter.com/LoveStats ca.linkedin.com/in/anniepettit/ Questions about our Sample Services? Jonathan Cheriff Director of Sales & Marketing jonathan.cheriff@peanutlabs.com twitter.com/paperbackdad www.linkedin.com/in/jonathancheriff
Editor's Notes
- Tell me how you guess the number At conferences, you sit there and review the numbers that other people wrote down before adjusting your number and writing it down