Behavioral Economics

self-serving-bias

Category: Behavioral Economics

The Effects of Self-Serving Bias at The Workplace

Our minds look for the meaning behind every good and bad thing that happens in life. We prefer positive events...

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Sunk-Cost

Category: Behavioral Economics

Sunk Cost Fallacy and Failing Initiatives

The sunk cost fallacy is our habit of continuing a project we invested in, even when the downsides outweigh the...

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Bounded_Rationality

Category: Behavioral Economics

Bounded Rationality – Limitations and Examples

Humans are primarily rational, and we want to believe that we make decisions based on logic and reason. But the...

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Barnum-Effect

Category: Behavioral Economics

The Psychological Reasoning Behind Barnum Effect

Introduction When you crack open a fortune cookie, the message inside is likely heartwarming or motivating, like, "You are almost...

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What-is-Representativeness

Category: Behavioral Economics

Representativeness Heuristic and Decision-Making

Decision-making is a complex process that determines our daily lives, from choosing our meals, our significant others, our purchases, and...

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Bias-Affect

Category: Behavioral Economics

How Does Anchoring Bias Affect Decision-Making?

Ask anyone about their life expectancy: how long do they think they'll live? The most common answers involve parents and...

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Herd-Mentality

Category: Behavioral Economics

Herd Mentality: Why Do We Want To Do What Everyone Else Does?

Introduction There are people, and then there are sheeple, which are easily influenced and conform to the majority opinion. People...

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What-is-Cognitive

Category: Behavioral Economics

What is Cognitive Dissonance and How to Avoid the Pitfalls?

Decision making is an integral part of organizations. Taking the right decisions at the right time every time plays a...

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What-is-Confirmation-Bias

Category: Behavioral Economics

What is Confirmation Bias and How Does it Work?

Good decisions play a key role in the long-term success and growth of the organization. But good decision making requires...

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Psychology-Behind-Availability

Category: Behavioral Economics

Psychology Behind Availability Heuristic and Decision Making

In a fast moving world, business decisions need to be taken quickly and correctly on a consistent basis for long-term...

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Psychology-Behind-Availability

Category: Behavioral Economics

Hindsight Bias, Assumptions and Predictability

Running an organization is all about making choices and making decisions. When decisions are taken at the higher echelons of...

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IKEA-Effects

Category: Behavioral Economics

What is IKEA Effect?

How can you leverage the IKEA effect to benefit your business? Participation and initiative from the self are key driving...

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ratchet_effect

Category: BLOG, Behavioral Economics

How to Reverse and Solve the Ratchet Effect

Introduction A ratchet is any mechanism that allows progressive movement in one direction. Named after the ratcheting form of a...

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The Commitment Effect & Its Role in Business

Category: Behavioral Economics

The Commitment Effect & Its Role in Business

What is the Commitment Effect? When you make a decision on an idea, and then a more efficient, innovative alternative...

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Halo effect and its role in business

Category: Behavioral Economics

Halo effect and its role in business

Why do customers return to the same brand over and over? Why do managers select one employee above the others...

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Time-discounting-and-employee-rewards

Category: Behavioral Economics

Time Discounting & Employee Rewards

Human Behavior and Business Human behavior plays a bigger role in business than you might think. Behavioral economics is the...

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The Law of Reciprocity in Business

Category: Behavioral Economics

The Law of Reciprocity in Business

Human nature has a massive impact on all businesses, whether it is apparent or not. At times, human beings make...

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Deliberate ignorance Banner image

Category: Behavioral Economics

Deliberate ignorance in the Business Setting

The first line of Aristotle's Metaphysics starts with a seemingly obvious truth "All men by nature want to know". According...

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decision-fatique

Category: Behavioral Economics

Decision Fatigue

Decision Fatigue refers to the mental exhaustion that is caused after rigorous decision-making sessions. It addresses how the quality of...

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The IKEA Effect and OKR: Boosting Employee Engagement

Category: Behavioral Economics

The IKEA Effect and OKR: Boosting Employee Engagement

More and more, employee engagement has come to be considered one of the most important pillars of successful corporate strategy....

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behavior_economics

Category: Behavioral Economics

Behavioral Economics and Employee Engagement

How many of us have landed our ideal dream job? According to the Gallup report, only 33% of the US...

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The Role Loss Aversion Plays in the Goal Setting Process

Category: Behavioral Economics

The Role Loss Aversion Plays in the Goal Setting Process

Loss aversion as its name implies occurs when the psychological impact of losing something outweighs the pleasure of gaining. The...

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