I have come across this rather amazing book by a sheer accident. Likely another hour of procrastination and browsing endless titles on Amazon. But I consider it one of the best finds I have EVER made.
Who Is Richard Thaler?
Richard Thaler is an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioural Science and Economics at the University of Chicago Booth School of Business. Richard also is on Academic Advisory Panel for The Behavioural Insights Team that works in association with the UK Cabinet Office. It is the world’s first government institution dedicated to the application of behavioural sciences.
Book You Can't Afford To Miss
We all make decisions ALL THE TIME. What do I have for breakfast? Which loaf of bread should I buy? Is my mortgage on the best deal? Do I invest in shares? If so which ones will offer me best returns? How much is it OK to spend on birthday present? What colour top do I wear today? Should I have a pension plan? Do I play the lottery this week? How do I spend the afternoon if the weather is nice? What book do I read next? … and the list goes on and on and on…
We all have to make decisions on a daily basis and economic theory says that we make those decisions by optimising in our heads. Of all of the goods or service you can buy you are likely to choose the one you can afford. Sounds right? Expect it ISN'T. I should know this. I completed 2 years of Econometrics in my previous life.
We misbehave in all aspects of rational decision making and our decisions are not as rational as economists want us to believe.
We = Your Customers
Your customers are also humans (hopefully!). Which means they also follow the careful misbehaving patterns. As an entrepreneur you can't afford to miss them! It can help you with your decisions and marketing campaigns. Behaviour economics is about making tiny changes that have big impact. Try it and let me know what results it had for you!
The above IS an affiliate link, you support us by purchasing through it, thank you! This is not just another blunt recommendation. I have read the book and think you should too (I have the picture to prove it 🙂 ).