3 Tips on Gift Shopping from Behavioral Economics

Sample Text Have you ever made a mistake when attempting to buy gifts? Undoubtedly, we have all been in this position. How many people have been plagued with awful ties, useless gadgets or shoes in the wrong size? Behavioral economics study human decision making, and the holiday season is not

Author: Dominik | Published: 12.11.2014

Kategorien: Behavioral Economics

Why Smart Executives Do Not Make Best Decisions

Classical economic theory focuses on a free, marketplace driven economy oiled by informed buyers and sellers who make decisions after rational considerations. Contrary, behavioral economics postulates irrational decisions made by marketplace participants who lack the required information and do not necessarily act in their best interest. Hence also well-trained career

Author: Dominik | Published: 14.06.2014

Kategorien: Behavioral Economics

Knowing When To Cut Losses

When it comes to a business decision, or even a personal decision made in your free time, one major pitfall to avoid is what’s known in behavioral economics as the ’sunk cost fallacy‘. This is defined as keeping up a certain behavior because you have already put a

Author: Dominik | Published: 08.06.2014

Kategorien: Behavioral Economics

Was Adam Smith the Father of BEHAVECON?

Today, on the one hand, behavioral economics (in short BEHAVECON) is at the juncture of psychology and economics. Traditional economic theory suggests that individuals are ideally rational, patient and proficient little economic robots objectively knowing about what makes them happy. Consequently, they are supposedly able to make choices which

Author: Dominik | Published: 05.06.2014

Kategorien: Behavioral Economics

The Cost-Benefit of Retail Therapy

BEHAVECON (=Behavioral economics) deals with the study of the effects of social, psychological, emotional and cognitive factors on the economic decisions made both by individuals and organizations. Two of its core study areas are „how market decisions are made?“ and „what thought patterns drive the public choice?“. It makes

Author: Dominik | Published: 01.06.2014

Kategorien: Behavioral Economics

Announcement: What will happen on June 17, 2014?

In seeking answers to the roots of success, I have found behavioral economics. And now, I would like to take you all on a journey through the study of decision-making – applied to the field of personal finance: With my new book BEHAVECON! In this book you will discover

Author: Dominik | Published: 26.05.2014

Kategorien: Behavioral Economics

How Your Own Business is Personal Transformation

Starting a business from scratch is an evolving personal transformation. Additional experiences produce new career opportunities yet stir fears of failure. Whether deciding to start a local business or an entity reaching into thousands of homes, starting a new business is an economic and personal transformation experience. It

Author: Dominik | Published: 22.05.2014

Kategorien: Behavioral Economics

3 Primers on Consumer Choices from Behavioral Economics

Understanding human economic decision making is a very complex and subtle subject. Research has shown that we don't always make choices that are compatible with our rational senses. Many times, we use general arbitrary and unconscious rules to make quick decisions. These rules might not prove beneficial in

Author: Dominik | Published: 13.05.2014

Kategorien: Behavioral Economics

The Secret of Feng Shui Economics

Feng shui is an ancient Chinese art based on the idea that our surroundings reflect our spirit, how we feel and behave. It involves building, configuring space as well as arranging home and business decoration to both reveal existing personality and help align energy with future plans. Traditionally used

Author: Dominik | Published: 09.05.2014

Kategorien: Behavioral Economics

How Prices Make Value

Based on the insights of behavioral economics one can significantly impact and alter the way individuals purchase goods and services. Every person has a mental makeup that drives how they make their product choices, what they tend to look for and where they purchase products. However, external factors

Author: Dominik | Published: 06.05.2014

Kategorien: Behavioral Economics

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