Behavioural Economics by Ken Parker, #SoMeMR #Li #fb

Cover of "Predictably Irrational: The Hid...

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11.45 Behavioural Economics & Online Qual – Made for each other?

  • Moving behavioural economics from the theoretical to the practical
  • Illustrating how the pillars of BE can be addressed by different qual research data collection techniques
  • Highlighting the benefits of online qual research techniques to evaluate many of the BE heuristics
  • Recognising the benefits of traditional qual techniques to address many of the BE biases

Ken Parker, Chairman, Discovery

  • 50% of US qual as an online component
  • Tor Norretranders – we process 16 of 11 millions bits of information our senses pass to our brain. The conscious part receives much less info than the unconscious part.
  • John Wanamaker – half the money i spend on advertising is wasted but i don’t know which half
  • AIDA – awareness, interest, desire, action
  • Now – behavioural economics, Read “Predictably Irrational
  • We do not consciously consider all the the possible options. We only consider from those perceived to be available. But people think they have the full choice.
  • Antonio Damasio – “I have emotions, therefore I am rational”
  • Rory Sutherland – MR asks the wrong questions and money is spend investigating hair splitting distinctions that have little relation to context in which people actually make choices
  • Behavioural economics – Behaviour is King. Forget intentions, attitudes and focus on what people actually do. [The best predictor of future behaviour is past behaviour]
  • Pillars of BE are Heuristics and Biases. Heuristics are shortcuts you use, rules of thumb, educated guesses, common sense, it’s rare that we buy the best product. We buy something that’s good enough, that does the job, but this one is pretty good. Biases are usually based on unfair negatives. (All turnips are gross.)
  • We can answer who, how, where, what when, but we can’t really answer why. We can make up answers but they may not be the right answer. We are poor witnesses of our own behaviour. We are excellent witness of our emotions though.
    Qual gives us the here and now. Don’t like how it relies on recall though.  [what is chivvying?]
  • Heuristics good for online qual. Biases good for traditional qual.
  • Watch for authority bias, effort bias, fairness bias, anchoring, social proof, badwagon, herding, framing, brand heuristic (Campbell’s means quality as opposed to beans). [These heuristics and biases aren’t limited to HE. These are generic human behaviour.]
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