INSEAD Knowledge: Why the Customer Isn’t Always Right

By In the News

From INSEAD Knowledge: We all have the best intentions in life, whether it’s reading more, regularly going to the gym or watching what we eat. But keeping to these goals isn’t always easy or straightforward. Fortunately, a growing number of apps are designed to help us better track and achieve our ambitions. Featuring the gamification of targets and harnessing behavioural techniques such as nudges, prompts and incentives, such apps can help maintain an individual’s focus on hitting their targets. But to what extent do they work, and how can they be engineered for optimal effectiveness? Furthermore, does user behaviour tally with…

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Washington Post: How ‘Nudge Economics’ Lets Companies Pass the Buck

By In the News

From The Washington Post: I’ve never been able to decide if the idea that we can “nudge” people into better decision-making that improves the world around them is an optimistic or deeply cynical impulse. On the positive side: it assumes that many a societal problem can have relatively simple solutions, if only we can get people out of their own way. But there is a darker interpretation, too. As behavioral finance economists Nick Chater and George Loewenstein write in a recently released working paper, the mass acceptance of behavioral nudges “unwittingly helped promote the interests of corporations who oppose systemic change.”…

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