Category: Behavioral Economics

‘Z(ee)’ latest Consumer

So, the world seems to have finally got a bit of a handle on what a Millennial is and how they behave, which is pretty good news. Unfortunately, there’s already a new breed finding their feet in the modern world, and by all accounts they are nothing short of Millennials on steroids. Referred to as iGen’s, the truth generation, the Snapchat generation, Gen Zers or, more typically, Generation ...

Read more

The Hummingbird Effect

If I were to tell you that Johannes Gutenberg’s idea to develop the printing press in the early 1400’s would turn out to be one of the biggest turning points in human history, would you believe me? To be honest, I don’t even think he would! How could the printing press be considered such a big turning point? Well, before the printing press, Europeans were generally unaware that they were ...

Read more

Nudge Hunting

Nudge Nudge, Wink Wink ....

Manipulation is synonymous with deceit, extortion, lies and bad things in general but what if we could harness all that we know about manipulation and use it to improve the world around us? We are all in the business of influencing people to achieve our desired outcomes, whether you are aware of it or not, it is something we do constantly. In business we are trying to get people to buy into ...

Read more

How to Catch a Millenial

With 30 Trillion dollars changing hands in the next 30 years how do you ensure you don't miss you!

Did you know that in the next 30 years an estimated $30 trillion dollars (I’m not even going to convert that in to rands because the number’s so big) will be changing hands from Baby Boomers to Gen Xers and Millenials? This will be the largest transfer of wealth in recorded history. Not to mention there’s a lot of wealth being independently generated in the meantime. So how exactly do you go...

Read more

The Multi-Armed Bandit

To Exploit or Explore?

Imagine this, you’re at a casino, of course, trying your luck. There are 10 slot machines in front of you, each one has a potential reward. Your Goal- maximize your winnings. How do you go about it? Do you sit at one machine the entire night and try exploit your winnings? Or do you chance it and move from machine to machine exploring the various options available? Believe it or not this simp...

Read more

Bias booby-traps

A quick crash course on how to save yourself from your own worst enemy, yourself!

On occasion, it seems, our brains are fighting against us, rather than for us. This was first noticed by Plato, the famous Greek philosopher, who would very often get frustrated by his fellow Greeks, who acted mostly on impulse. He prompted them to examine their own lives, to think for themselves and be less trapped by doxa – the Greek word for common sense or popular opinion. Today...

Read more