A new National Academies report highlights how behavioral economics has built invaluable evidence about why people may act in seemingly irrational ways, how they respond to interventions, and how public policy can be designed to help people make better decisions.

On September 2 (3pm UTC / 11am EDT), I'll be joining Jonathon Karelse, CEO of NorthFind Management, for an interactive "fireside chat" on the application of Behavioral Economics in demand planning. This is part of the Foresight Webinar Series, and registration is free. Since we first met at an Institute [...]

The post Behavioral economics in demand planning (webinar September 2) appeared first on The Business Forecasting Deal.

Cambridge : Cambridge University Press, 2023.

Cheltenham, UK ; Northampton, MA : Edward Elgar Publishing, [2023]

It was supposed to be Carmageddon in L.A., but instead the two-day closure of the busiest freeway in Los Angeles reiterated a timeless lesson about cars: We los

The Nudge blog sat down (electronically) with John Kenny, Senior Vice President of Strategic Planning in Draftfcb’s Chicago office, to explore whether behavioral economics is just a fad in marketing or a legitimate tool to help the industry perform better. Starting with the Institute of Decision Making, Draftfcb has been one of the leaders in [...]

Behavioral economics applies key principles from psychology and economics to address obstacles to behavior change. The important topic of pediatric firearm injuries has not yet been explored through a behavioral economic lens. Pediatric firearm-related injuries are a significant public health problem in the United States. Despite American Academy of Pediatrics guidelines advising that firearms be stored unloaded, in a locked box or with a locking device, and separate from ammunition, estimates suggest that ~4.6 million children live in homes with at least 1 loaded and unlocked firearm. In this article, we use behavioral economic theory to identify specific cognitive biases (ie, present bias; in-group, out-group bias; and the availability heuristic) that may influence parental decision-making around firearm storage. We illustrate situations in which these biases may occur and highlight implementation prompts, in-group messengers, and increased salience as behaviorally informed strategies that may counter these biases and subsequently enhance safe firearm storage. We also describe other opportunities to leverage the behavioral economic tool kit. By better understanding the individual behavioral levers that may impact decision-making around firearm storage, behavioral scientists, pediatric providers, and public health practitioners can partner to design and test tailored interventions aimed at decreasing pediatric firearm injuries. Further empirical study is warranted to identify the presence of specific biases and heuristics and determine the most effective behavior change strategies for different subpopulations.

Thaler, Richard H., 1945- author