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Posts Tagged ‘Amos Tversky’

Financial Services, Gambling, & Behavioral Economics: Busting The Myth Of Consumer Rationality

Posted by Neal ColeTuesday, June 12, 2012, 7:58 am 10 Comments
What does the evidence from experiments in behavioural economics and neuroscience indicate about rational decision making in the face of risk and uncertainty? Are consumers’ really discreet, self-determining individuals who make considered, rational decisions? This view increasingly looks misguided and is probably a fallacy created by our own minds to make us feel in control of our behaviour.
This was posted under category: Behavioral Economics, Best Practices, Business Leadership, Co-creation, Consumer Anthropology, Consumer Behavior, Consumers, Contributors, Economic Trends, Effective Marketing, Emerging Techniques, Ethnography, General Information, Industry Trends, innovation, Innovation in Market Research, Insights, Leadership, Market Research, Market Research Techniques, Neuromarketing, Respondent Engagement, State of the Industry, Strategy, Transformation, Trends Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Lessons from Thinking, Fast & Slow – System 1 and System 2

Posted by TRC Market ResearchThursday, March 15, 2012, 7:38 am 5 Comments
Much of conventional market research assumes that decision-making is done only by System 2 (rational) and that too with little input from System 1 (emotional). Kahneman shows that that is not the case (as demonstrated by a variety of experiments in behavioral economics) and researchers would be well advised to take note and think about how to account for the influence of System 1 in consumer decision-making.
This was posted under category: Behavioral Economics, Blogs, Consumer Anthropology, Consumer Behavior, Consumers, Contributors, Emerging Techniques, Ethnography, General Information, Hybrid Approaches, Industry Trends, innovation, Innovation in Market Research, Insights, Leadership, Market Research, Market Research Techniques, State of the Industry, Transformation, Trends Tags: , , , , , , , , , , , , , , , , , ,