Research in a world of irrational expectations - How new thinking from Behavioural Economics changes the way we look at and conduct research
Stephen Phillips and Abigail Hill
Those of us in the industry know only too well that today’s researchers have to be on the pulse of developments in the understanding of human behaviour. Behavioural Economics in the last five years has made a big impact on marketing, business and government strategy. Yet how much of this thinking has fed into the way we conduct Market Research on a day to day basis?
Within this paper we’ll demonstrate behavioural economics at work and the reasoning (or not) behind human behaviour. Firstly, this paper will explore behavioural economics’ relevance, looking at some of the fundamentals of Behavioural Economics and how this translates to human behaviour. We will use this as a starting point to investigate the impact it has on the research processes, particularly looking at four learnings from Behaviour Economics: anchoring, conformity, choice architecture and processing evidence.