ray poynter behavioural economics - 2012
TRANSCRIPT
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
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
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
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Ra>onal Consumers
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Wages are s>cky
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
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
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
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
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Context
Dan Ariely
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Default and Iner>a
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Ra>ng Problem
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
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?
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Further Reading
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’
Speaker: Ray Poynter, VCU @ Vision Critical, UK NewMR Behavioural Economics Event, 19 April 2012, Session 1
Thank You
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
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
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