Download and print the worksheet and bring that (and the articles) to the seminar.
Read the articles below (at a minimum, the primary three) and answer the questions on the worksheet.
Bring your completed worksheet to the seminar. No prep = no play – you will be excluded from the seminar if you have not prepared. You have been warned.
- Summarise the broad case that is made for applying behavioural economics to firms’ relationships with their customers?
- Identify two distinct instances where firms could apply specific behavioural economics approaches to encourage consumers to purchase (and highlight what biases or behavioural responses are relied upon in each case).
- Explain how advertising may exploit Kahneman’s System 1 / System 2 categorization of thought processes.
- What ethical concerns might there be when firms exploit consumers’ biases?
The Economist (2013), Nothing more than feelings, The Economist, Dec 7th
Strong, C and Koutmeridou, K (2013), Behavioral economics and the customer journey, GfK, Feb 27th
The Economist (2008), The science of shopping: The way the brain buys, The Economist, 20th Dec
Thompson, D (2012), The 11 ways that consumers are hopeless at math, The Atlantic, July 6th [a brief summary of some of Poundstone’s book]