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Behavioral Economics: Electricity for Market Research Lightbulbs?

gettipsThe market research version of innovation isn’t necessarily technology (though it can be). In fact, some of the most dramatic innovations in research right now are more about “thinking” than “doing.” Key areas of innovation in how we think about research are coming from behavioral economics and related research on unconscious decision making. These new ways of understanding consumers are creating lots of “light bulb” moments for market researchers.

High-profile books like Dan Ariely’s Predictably Irrational and Daniel Kahneman’s Thinking Fast and Slow have not only been business world blockbusters, but market research industry catalysts for change. Now more than ever, market researchers are painfully aware that self-reported behaviors and emotions can be challenging to capture.

In this class, market researchers will learn key behavioral economics (BE) concepts and how they apply to research methods and analyses.

This class teaches key BE concepts such as priming, framing, anchoring and loss aversion. In-class exercises will give students a chance to experience applying these ideas firsthand.

Your Instructors: Sagara and Korostoff

Namika Sagara, Ph.D. Namika is a uniquely qualified instructor; she is a consultant working with universities and companies to conduct research and apply academic insights from the field of behavioral economics and consumer psychology to real-world issues. Her work has been published in prestigious magazines including the Guardian and Science Daily.

Kathryn Korostoff, Lead Instructor, Research Rockstar. Kathryn has over 25 years of market research experience and is an advocate for market research excellence. She has vast experience with various qualitative and quantitative research methods, and has published over 100 articles in various research and business magazines.

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What are BE’s implications for questionnaire structure and wording? How about for focus groups and IDIs? What are the implications for pricing research? Branding research? Find out in this class.

Click for class details and registration options.

 

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This post is from the Research Rockstar team. We want everyone to have access to the training and resources they need to become Research Rockstars!

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7 thoughts on “Behavioral Economics: Electricity for Market Research Lightbulbs?”

  1. Brilliant !!! Behavioural Economics IS Psychology, purely – all the rules of thumb in Behavioural Economics have been borrowed from Psychology… and essentially re-branded as Behavioural Economics.

  2. I thought , i’m falling love to This Subject… Looking forward to learning more about behavioral economics 😉

  3. Alas, I read “Thinking Fast and Slow (TFS)” before I read “Predictably Irrational”. So, a lot of stuff in this seemed to be a repetition. it was pretty good. I would prefer it over TFS.

  4. This was really interesting. I love this idea of applying the psychological understandings to solving real life problems.

  5. This looks like a fascinating and timely class. I like your reference to innovation in thinking as opposed to doing. With greater understanding of behavioral economics, research methods should be able to become more targeted and successful at uncovering true feelings and beliefs, which as you said is supremely difficult!

  6. Economics affects people in both predictable and surprising ways. They’ll pay more than they think something is worth because of competition and make both major and mundane economic decisions based on mood. Economic factors can dramatically influence people’s behavior.Scarcity is one of the most basic economic principles. It plays a major role in product prices, perceived value and human behavior. Even perceived scarcity can make consumers willing to pay more, depending on how much they value the product. Dutch researchers found that when resources are scarce, those in charge of resource distribution tend to favor people they perceive as moral.

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