“Better to see something once than to hear about it a thousand times”
Believing in this years-old adage, Behavioural Economics Simplified is an initiative from IBEN that aims to promote learning of behavioural economics concepts using simple and easy-to-understand hand-illustrated comics! For our fifth part in the series, head over to our website and look at the effect of social influence. Stay tuned for more!
With the current craze behind the newest generative AI technology- ChatGPT, Midjourney, etc, we here at IBEN decided to explore how AI and behavioural science will interact and how AI can play a role in increasing the use of behavioural science in our everyday lives. To begin with, read The Advent Of Trustworthy Behavioral AI by Forbes to get a basic understanding of how AI and Behavioural Science can intersect with each other. Also read, When AI Meets Behavioural Science to see a few examples of how Behavioural AI is currently being used.
To have a look at the practical application of behavioral AI, read Using AI and behavioral science to improve hospital operations to explore how it can be used in the field of medicine. No discussion of AI is complete without ethical considerations. For this, read Combining AI and Behavioral Science Responsibly by the Decision Lab to understand what needs to be kept in mind while using AI for behavioral changes. “When using AI, we must remain faithful to a key tenet of behavioral science: Interventions should influence our behavior so we can make better decisions for ourselves, all without interfering with our freedom of choice.”
5 Insights & Actions to Enhance Compliance Programs
Compliance policies and training sessions are limited in their effectiveness as they assume providing information is enough to drive positive behavior. Incorporating insights from behavioral science can help compliance officers understand human behavior and the factors that shape actions. This article talks about simplifying processes, improving communications, and incorporating nudges as some possibilities to minimize unintentional non-compliance and help employees act on their positive intentions. However, it is essential to understand the cultural dynamics at the organization to tailor the approach accordingly.
Responding to Financial Turbulence
Market confidence is an inherently social concept that influences how economic actors behave during a crisis. Confidence can be shaped by popular narratives that propagate through the economy or stories that people use to make sense of the world around them. This article further discusses how to address these challenges and Behavioural Insights suggests three easy, cheap, and fast-to-implement suggestions.
The Real Opportunities for Empowering People through Behavioral Science
There are different ways to empower people using behavioral science techniques, but the current debate around "nudging versus boosting" oversimplifies the issue. The article proposes a new way of thinking about the different approaches, based on two drivers of empowerment: how involved a person is in shaping the intervention and the level and nature of the capacity created by the intervention. The article also introduces three specific approaches: nudge plus, self-nudges, and boosts, and discusses how they fit into this framework.
A Secret Source of Connection
It’s important to check up on the people we care about. Some of us do it really well, while others, while feeling the same care and concern are unable to express it freely. Something inhibits us from calling, texting, or setting up that coffee meet. Psychologist Amit Kumar helps us understand this inhibition towards being kind and while highlighting the mental barriers that keep us from having stronger and more fulfilling connections. This podcast from ‘Hidden Brain’ is one whose usefulness is pervasive in both professional and personal life.
What do we know about our minds?
The core question asked in this episode of ‘Making Sense with Sam Harris’ is relevant for everyone who has an interest in human behaviour. It’s a fun-listen podcast that takes an interdisciplinary journey to understand the state of psychological science. Sam Harris with his guest Paul Bloom discusses a variety of topics ranging from the developments in AI to the relevance of fiction in our minds. This podcast is recommended for the value it offers aspiring behaviour economists in understanding the various lenses involved in the study of behaviour.
Explore. Inform. Nudge. Benefit.
Brought to you by India Behavioural Economics Network
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Editors: Nehal Kaul, Junofy Anto Rozarina
Contributors: Abhishek Chauhan, Manvi Agrawal