©2018 Benthurst & Co
All rights reserved
The rather unhappy name for a scientific approach combining insights and methods from economics, psychology, social sciences, and gradually neurosciences
‘Behavioural’ points to the difference with (neo)classic economics, in which individual agents and markets are deemed to behave in a rational way
It’s economics becoming modest and not longer pretending it’s an exact science. The 2008 global financial crisis reignited interest for irrational behaviour of individual and collective agents
In saturated and sophisticated markets it gets harder to successfully introduce new products and services – you need to dig deeper to uncover unmet client needs
Behavioural economists Daniel Kahnemann and Richard Thaler winning the Nobel price for Economics in 2002 and 2017 created quite some fuzz too (and tons of valuable insights)
People’s decision making is heavily influenced by subconscious cognition processes and emotions
They make trade-off’s they’re not aware of (and perhaps neither are you) like
While people’s basic needs are well covered, their unmet needs are harder to detect and often imply behavioural change