Ray poynter behavioural economics - 2012
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An Introduction to Behavioural Economics
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Ray poynter behavioural economics - 2012
- 1. A Presenta*on from The NewMR Behaviour Economics Event 19 April 2012 An Introduc+on to Behavioural Economics Ray Poynter, Vision Cri+cal Event sponsored by Greenbook All copyright owned by The Future Place and the presenters of the material For more informa>on about Greenbook visit www.greenbookblog.org For more informa>on about NewMR events visit newmr.org
- 2. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 An Introduc*on to Behavioural Economics 19 April 2012
- 3. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Agenda 1. The context for Behavioural Economics 2. Key themes 3. Implica>ons for market research 4. Further reading 5. Closing thoughts
- 4. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Ra>onal Consumers
- 5. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Wages are s>cky
- 6. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Psychology Cogni>ve Psychology Social Psychology Evolu>onary Psychology
- 7. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Ul>matum Game Originally proposed by Güth, SchmiSberger, and Schwarze
- 8. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 We are to thinking as cats are to swimming we can do it if we have to Daniel Kahneman
- 9. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 System 1 and 2 System 1 – Make a disgust face when shown horrible picture – Calculate 2+2=? – Drive car on empty road – Detect that one object is more distant than another – Complete the phrase “Bread and ……” System 2 – Focus on one person’s voice in a crowded room – Fill out a tax form – Walk faster than is normal for you – Compare two washing machines for overall value – Look for a woman with white hair From Daniel Kahneman’s Thinking Fast and Slow
- 10. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Context Dan Ariely
- 11. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Default and Iner>a
- 12. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Ra>ng Problem
- 13. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Priming, Anchoring, Framing How expensive do you think a business return flight from London to New York in May will be? ______ What would you expect to pay for an economy return flight from London to Paris in May? (pick the answer closest to the number in your mind) a. Less than £40 b. £40 c. £80 d. £120 e. £160 f. More than £200 a. Less than £100 b. £150 c. £200 d. £250 e. £300 f. More than £300
- 14. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Implica>ons for Market Research 1. Back to basics – Research is a psychological instrument – Experimental design – Consistent rela>onship between response & ac>on 2. Key elements – Context – System 1 or 2 – Is the decision personal or social?
- 15. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Further Reading
- 16. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 4 Thoughts 1. Don’t throw the baby out with the bathwater 2. The issues raised by BE are reasons to use professional researchers, and a risk for DIY 3. 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’
- 17. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Thank You
- 18. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Q & A Sue York NewMR Ray Poynter Vision Critical
- 19. Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1 Ray Poynter and Vision Cri>cal 1-‐7 Boundary Row London, SE1 8HP United Kingdom Phone: +44 (0) 20 7633 2900 T: @RayPoynter L: hSp://www.linkedin.com/in/raypoynter
- 20. A Presenta*on from The NewMR Behaviour Economics Event 19 April 2012 An Introduc+on to Behavioural Economics Ray Poynter, Vision Cri+cal Event sponsored by Greenbook All copyright owned by The Future Place and the presenters of the material For more informa>on about Greenbook visit www.greenbookblog.org For more informa>on about NewMR events visit newmr.org