If there is one thing that behavioural economics has taught us, it’s that none of us is immune from misinterpreting data. Here Colin Strong, Head of Technology Research at GfK, talks about the danger of seeing patterns that might not be there in big data.
Behavioural economics is being enthusiastically adopted across the market research industry all over the world. Researchers everywhere are applying insights from decision making science and embracing the concept that we’re all a little bit irrational. But are we irrational in the same way?
Welcome to Leigh Caldwell, RWC’s newest correspondent. Leigh is author of the Psychology of Price and partner at the Irrational Agency. He’s joining our team to write about all things behavioural economics. In his first post he talks about the three leading theories of decision making.
Melissa Verreynne and Francois Conradie
What growing consumption demand in africa means for business
Explosive growth in Africans’ disposable income will result in a surge in consumer demand over the next few decades.
It is a given that Africa’s economic growth over the next few years will be rapid – continued commodity-fuelled growth combined with rents from new energy discoveries and Africa’s role in growing food for an expanding global population will ensure healthy increases in economic output for decades to come.
Last year, ESOMAR successfully introduced corporate membership. Some of the organisations that joined tell us about the benefits of global associations in an age of changing privacy and quality perceptions.
In a diverse, sometimes chaotic global marketplace, it helps to streamline standards, set best practices and exchange the latest information. As a global organisation, ESOMAR introduced corporate membership to better serve the increasingly international needs of its members. Indeed, global coverage was a major reason for full-service market research agency SKIM to sign up as a corporate member, says chairman Dirk Huisman. “We have offices in more and more countries and are currently expanding into Latin America, so we need a global approach. We only work for multinational clients, and they expect standardisation. Of course, we’ve also joined local associations, but membership of a global organisation makes it easier for us to work with people worldwide who answer to the highest standards.”