March 2022
Fifteenth Edition
“Without data, you are just another person with an opinion.” - Edward Demings
The last decade has seen exponential growth in the use of data for conquering various quests. Data analytics which for long had been considered merely a subfield of computer science has been making headways with increasing synergies with other fields of study and business. More recently, there has been a surge in the use of data models utilised for predictive analysis in the field of behavioural sciences. Welcome readers, to our newest edition of the beyond nudge newsletter where we try to decipher this field for you.
The aim of Behavioural Data Science is simple, it takes the predictive power of data science which uses heaps and heaps of data to model and understand the underlying commonalities in different sets of agents and combines it with the principles of behavioural science to increase the efficacy of designing interventions for reaching the end goals of an organisation. In The last-mile problem: How data science and behavioural science can work together, the author highlights how this field has been growing at a tremendous rate and how varied its impact and utilisation can be.
Flip Side of the Coin
With the increasing popularity of using nudges to help economic agents make better decisions, there has been a split down middle regarding the ethicality of using such tools that affect everyone. Cambridge Analytica Scandal is one such example of utilising user data not merely to nudge but to coax and manipulate individuals towards voting for particular political parties. Algorithmic Nudges don’t have to be Unethical analyses the way many famous companies have been increasingly relying on nudges to reduce cost and improve efficiency as well as user retention and how they can be made more pro-workers and pro-users. Hyper Nudges and Big Data highlights the challenges and possible solutions for the same.
Programming Computers or Programming People? - How has the industry of behavioural data science developed? Do you want to know more about how large amounts of data and insights from behavioural sciences are used in healthcare, politics and insurance are used? Listen to this episode of Liberty. Equality. Data. featuring Dr James Guszca, the Chief Data Scientist at Deloitte USA, to know more about the confluence of behavioural insights, machine learning, data science and AI.
The Psychology of Marketing to the Hyper-StressedHumans are always evolving, this is the ultimate truth of the human existence. Living in a generation where stress-levels of individuals are over the roof, the author discusses how the marketing strategies have to change in response to the changing consumers in the market. Avoiding shock value, managing choice overload and providing emotional validation being a few suggestions.
The Never Ending Issue With Lifestyle InflationWe are told that we should aspire to become a better version of ourselves but while doing so, do we fall into any pitfalls? In this article, the author explores the concepts of similarity bias and how lifestyle inflation has an impact on the way we make decisions. In the day and age of social media, where peripheral cues play an ever-increasing role, this read is a must-read.
Behavioural Science or Bullshit?There are always two sides to a coin. Similarly behavioural science also has its ‘good’ and ‘bad’ side. Explore the various line of defence which protects behavioural science from going rouge with real life instances from these COVID years.
How to Change Your MindChange is inevitable but it is much more difficult than what it appears in first glance. There are numerous barrier which we face including but not limited to: ego, overconfidence, inertia and such costs when we have to change the way we do things. Does our openness to novelty decline as we grow older? Why is it that we often judge people for changing their minds even if its on genuine grounds? To know more about these questions, listen to this episode of Freakonomics Radio.
Saving Peru’s Environment One Nudge At A Time with BE OEFA Practical applications of theoretical concepts is undoubtedly one of the best ways to understand the intricacies of the subject. This holds true even for behavioural science. OEFA, the environmental regulatory organisation of Peru, has done some amazing work by using the principles of behavioural sciences. Listen to this podcast to get a first hand idea about how they analysed the behaviour of interest groups, set targets and assigned the nudges by The Brainy Business with Karina Montes and Mario Drago.
The Gruen Effect: the fascinating ways store environment affects what (and how much) we buy It is often believed making things easier for customers is the way to go. But is it so? Based on the concept of Gruen Effect, where situations are designed with confusing layouts with the aim of overwhelming agents and thus making them more susceptible to impulse shopping. This is a technique employed by brands and shopping complexes across the world. Listen to this podcast to know more about how famous brands such as Target and Ikea use make us buy just a little bit more by Choice Hacking.
Explore. Inform. Nudge. Benefit.
Brought to you by India Behavioural Economics Network
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Editors: Nehal Kaul, Junofy Anto Rozarina
Thanks for sharing a link to my podcast (Choice Hacking) - loving your posts!