By Andrew Jeavons
There is no doubt that there has been a resurgence of late of academic theories of psychology being applied to market research. The most prominent example is the growing use in market research of Daniel Kahnemans’ “System 1 and System 2” cognitive processing theory. He won a Nobel Prize for it after all, although they had to give it to him for Economics as there is no Nobel Prize for Psychology. As I am sure everyone knows System 1 thinking is described as fast and intuitive thinking and System 2 as more deliberate and logical thought processes. It is one of the most influence psychological theories ever produced.
In the September issue of Research World an article was published by Lawrence Spero on ‘System 1’ decision making and how online surveys can utilise this instinctive response for better data. It caused a stir with some of our readers. We’ve now published the article online to provide those readers with a space to discuss the piece.
In the third of an ongoing series from the InDecision Blog, Elina Halonen and Neda Kerimi talk to some of the leading figures in judgment and decision-making psychology and behavioural economics. This month they talk to author of Predictably Irrational, The Upside of Irrationality, and The (Honest) Truth About Dishonesty, Dan Ariely.