Ross Macdonald, The Union

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Introduction to Behavioural Science

Red Hot or Red Herring: Seven principles of behavioural economics Source: Warc Exclusive, June 2015 Downloaded from warc.com

Not a subscriber? View this report here This article draws from findings in 'Behavioural Economics in Action: Strategies and Insights from the IPA Effectiveness Awards', a best practice guide that provides tangible examples and top tips on how behavioural economics can creatively solve business problems.

Seven aspects of behavioural economics are highlighted, each linking to related IPA Effectiveness Award case studies.

The principles that marketers can use include loss aversion, the power of now, scarcity value, goal dilution, chunking, price perception, and choice architecture.

Nick Southgate Behavioural Economics Consultant

Efficiency

Social beings

Efficiency

Signalling & Distinctiveness Social beings

Efficiency

Signalling & Distinctiveness

Satisficing Social beings

Efficiency

Signalling & Distinctiveness

Social beings

Satisficing

Teenagers

The Workplace

PLACEBOS

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