Having studied developments in behavioural science for the last seven years or so, I’m delighted to see one of the founding fathers of behavioural economics receive the Nobel Prize for Economics.
What delicious irony that this foremost award for economic thinking is picked up by someone who has worked to systematically undermine the discipline by showing how psychological biases, social norms, and ingrained mental shortcuts cause us to deviate from the predictions of traditional economic models.
His findings, and those of others, have crashed through so many industries it has at times been difficult to keep up. Never mind the intersection with neuroscience and how the brain works. In my home town of healthcare marketing research, developments that picked up on this work were scarce until about five years ago but have since accelerated, as marketing and research types have caught up with the relevant non-fiction bestsellers.
I’m thankful for the opportunity to study and implement behaviourally inspired ideas drawn from this endlessly fascinating behavioural science, and can thoroughly recommend Thaler’s classic “Nudge” (with Cass Sunstein) as well as “Misbehaving“.