How behavioural economics can help market research to better understand, identify and predict behaviour.
Traditional economists would have us believe that people are rational, utility-maximising, cost-minimising and socially isolated individuals with stable preferences. This view also pervades market research and our practices, but is being challenged by a relatively new field in the social sciences, known as behavioural economics (BE). In Orlando Wood’s ESOMAR Congress 2011 presentation he provides a new framework for understanding behavioural economics and identifies some of the influences on behaviour the research industry regularly overlooks. It shows how behavioural economics has been used to develop a new mass ethnographic approach – The Behavioural Detectives.
If you’re interested in attending this years ESOMAR Congress more information, including the programme and registration form, can be be found on the ESOMAR event pages.