5 Best Behavioral Economics Blogs to Start Following Now
Updated: Mar 25, 2019
Many researchers questions how Behavioral Economics (BE) has anything to do with market research. But as it turns out, BE impacts how consumers answer, talk about products and/or brands and much more. We could all learn a lot by applying at least a few BE principles in the development phase of our surveys.
For those of you arriving a bit late to the party, Behavioral Economics is rooted in the overall study of economics. Classical economic theory/theories suggest we consistently make rational decisions and we consistently pursue optimal options; and that within this framework we can calibrate perceived risk as well. Clearly this is not always the case (think back to your last impulse purchase, for example). It’s actually been well documented that people are actually quite irrational when making choices; irrationality helps shape consumer behavior. Behavioral Economics can help make irrationality more predictable. For this reason, BE provides researchers with a plethora of evidence to support why it should be used in market research. Dan Ariely, renowned author and Professor of Psychology and Behavioral Economics at Duke University and the founder of The Center for Advanced Hindsight, offers some excellent insight into how BE influences market research in an recent interview - How to apply behavioural economics in market research: Advice from Dan Ariely.
For those wanting to learn more about Behavioral Economics, its applications and/or stay abreast of news in the world of BE; there are a handful of blogs that may be of assistance.
Start with behavioraleconomics.com. As the name implies, this is a behavioral science blog publishing the latest thinking around behavioral science research, theory and practice. Chock full of great content, the blog is continually updated. As if that weren’t enough, they publish a fantastic, and very useful, annual behavioral economics guide. Check it out, you won’t be disappointed.
Another useful blog can be found at INudgeYou. If it’s not readily apparent, the blog focuses on “nudges”. A nudge is a widely known concept in behavioral science, political theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals. Their blog is entertaining and informative; you are sure to learn something new.
Last, but definitely not least, be sure to look into Dan Ariely’s blog. Chock full of information, a lively Question & Answer section and highly engaging. Similarly, you might want to peruse lemonade.com; which offers insight into how to break bad habits, be more productive, the psychology behind giving, to name a few. Sure to bring a smile and infuse some wisdom into your life. Or look into The Center for Advanced Hindsight, which focuses on trust, reciprocity and a number of other BE elements.
These blogs are a great start to broadly understand BE, or its applications in various ways. While these will not make you a BE scholar overnight, they are certain to make you pause and reflect; and hopefully a bit more knowledgeable along the way. If you have questions around the practice or application of BE direct to market research, need assistance developing a survey or just want a spare set of eyes to review the BE principles you have put in place, reach out - ZigZag would love to help see more BE infused in survey development!