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This presentation demonstrates the value of understanding and using a variety of behavioural economics principles to achieve results in your digital marketing campaign.
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Slides Jeff Otto recently used in his discussion w/ mentees of The Product Mentor. The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People. Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community. http://TheProductMentor.com
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The following was the presentation that I gave at the TGAS conference in Texas this spring. Highlighting some of the behavioral science principles that can be used to help improve your incentives and sales operations.
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This presentation looks at behavioural nudges used by different businesses. Nudges are interventions that preserve freedom of choice but that nonetheless influence people’s decisions. Our decisions are often heavily affected by behavioural biases, instinctively we favour the default option Choices are contextual and we are also deeply affected by social norms.
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Slides Jeff Otto recently used in his discussion w/ mentees of The Product Mentor. The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People. Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community. http://TheProductMentor.com
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This presentation looks at behavioural nudges used by different businesses. Nudges are interventions that preserve freedom of choice but that nonetheless influence people’s decisions. Our decisions are often heavily affected by behavioural biases, instinctively we favour the default option Choices are contextual and we are also deeply affected by social norms.
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Aspiration, confidence, fear of failure and trust play a role in the B2B buying mindset. It sounds obvious, but avoidance of risk is a key component of business continuity and it’s easy to forget that B2B buyers are human beings, rather than rational decision-making robots. Brands need to invest time in understanding how their audience makes decisions if they are to influence them
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Aspiration, confidence, fear of failure and trust play a role in the B2B buying mindset. It sounds obvious, but avoidance of risk is a key component of business continuity and it’s easy to forget that B2B buyers are human beings, rather than rational decision-making robots. Brands need to invest time in understanding how their audience makes decisions if they are to influence them
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This deck accompanied Kelly Baron's SXSW talk on 3/13/17. Nudge theory is about hacking human nature using subtle, context-driven interventions. We all sometimes buy into the shampoo commercial dream that our products can make us into better people, but what if that were true? Thanks to IoT, we’re designing products that make and break our habits. We applied nudge theory to our healthcare wearable, Under Currents, to solve billions of dollars’ worth of medical errors and save lives. When common sense fails, common sensors help us be the best version of ourselves. Join Kelly Baron, a business designer from Fjord Austin, as she talks about how to apply nudge theory theory to digital experiences.
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Within our team @boardofinno, we give short presentations to each other, to learn more, to get inspired, to be amazed,… The following deck was used by @tjalve in our internal #teachme session. It covers 15 lessons from Behavioural Economics you can apply to your ongoing projects. The concepts covered are: 1. The Endowment Effect 2. Hyperbolic Discounting 3. The IKEA effect 4. Anchoring Bias 5. The Von Restorff Effect 6. Loss Aversion 7. Hedonic Adaption 8. The Bandwagon Effect 9. The Inaction inertia effect 10. The Zeigarnik Effect 11. The Framing Effect 12. The Goal Gradient Effect 13. The Choice Paradox 14. Round Pricing Preference 15. Reciprocity
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Why is investing relevant to managerial decision making? · As with all Decision Making, biases and boundedness compromise outcomes · So many managerial decisions comprise investing something · Money, time, energy, resources, reputation, emotion, hopes…what else? · Perceptual and cognitive errors are unavoidable for humans · Observation insight improvement · Course objective: to develop comfort with reasoning through complex decisions, yourself and in teams/organizations · But NOT so you can better exploit others’ compromised DM! Investment decisions – studied in Behavioral Finance · Focus on “Prescriptive” or “Descriptive”? · Reveals how biases affect both individuals and markets · Individuals/teams/units will be our focus · Yours, as well as your customers, suppliers, partners, etc. · Point out analogies where “investment” is in other than $ terms Main causes of poor investment decisions · Overconfidence in own knowledge, beliefs, predictions · “Active trading is hazardous to your wealth”. Men usually worse. · How do brokerages reconcile the conflicts of interest? · Optimism about choices made · Relates to availability heuristics, confirmation bias, and regret avoidance · Encouraged by financial media – why? · Denying randomness (or regression to the mean) · The past usually predicts the future, but not the way most people believe · Anchoring, status quo, and procrastination · Tendency toward status quo, consistency, omission, or inaction · Poor framing and misuse of reference points · Complexicating gains/losses; not treating sunk costs as irrelevant · Prospect theory: risk aversion with gains, risk seeking with losses Active trading · Traders, like everyone, are likely to regress to the mean · The mean is losing money, since the bank/casino always get its cut · Many jumped into the role based on vivid data · Skewed by availability and affect heuristics · Most neglected the other side of each transaction · Other party is likely better equipped than you · Every transaction has at least two sides, winners and losers Steps to better decision-making in investing · Recognize impossibility of outsmarting the market · Keynes’ analogy of higher-order thinking · Relates to the “pick a number between 0 and 100” game · No perfect solution because human nature determines the outcome · Determine goals and plans, then act on and stick with them · Balance “shoulds” and “wants” (listen to the angel, mostly) · Deploy your heuristics in useful ways · Make long-term plans without near-term emotions · Develop formulas (plans and policies) objectively · Then stick to them! · Extensions to non-monetary investments · Most of these concepts apply to investments of other resources · Time, energy, reputation, careers, emotion, hopes, what else? · Analogies, examples? Apply the concepts of irrational investment decisions (Above in Blue) to decisions in your life... Questions: · In your non-monetary investments (time, energy, attention, careers, hopes, .
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Running Head: FINANCIAL LITERACY 1 FINANCIAL LITERACY 10 Financial Literacy Professor’s Name Student’s Name Course Title Date Financial Literacy Introduction Any average investor of American origin usually makes financial decisions, specifically when it comes to retirement and saving. Some of the costly errors include the failure in making sure that there is receipt of the employer matching contribution towards your saving, inadequate saving, the payment of excess interest costs and excessive fees and the substandard diversification (Deuflhard et al., 2019). The evident prepondence portrays a picture of the general inadequacy of understanding for return, risk and diversification in the stock markets. The financial literacy is the capability of understanding and correctly applying the financial management skills (Deuflhard et al., 2019). The act of managing debts properly, calculating interests properly, effective planning for finances as well as understanding the time value of money is what financial literacy entails. The resulting poor financial behaviours and the financial knowledge low levels with the effect being seen in the troubled context of the pension’s disappearance and the improved personal responsibility in terms of the retirement plans well seen in the defined patterns of contribution plans is a good proof that financial literacy is becoming a common phenomenon. In the modern finance, there is a component of punishing financial ignorance and rewarding of the do it yourself component of necessitated by financial knowledge. The lack of regulation of the financial markets and the comparatively easy access to credit has increased further the appetite for financial knowledge (Calcagno et al., 2019). Most individuals are now responsible for making their own investment choices and could end erring in security selection and the asset allocation or even both. Financial Literacy background information Financial literacy refers to the ability to effectively and efficiently manage and evaluate your finances so that you make prudent decision geared towards attaining your life goals and achieve the financial well-being (Calcagno et al., 2019). When you are financially literate, you will protect yourself from being exploited either through questionable investments or identity fraud and this allows you to meet the everyday or basic needs. How financial literacy affects your daily life There are five basic components or areas in personal finance that people need to acquint themselves for them to become financially stable (Deuflhard et al., 2019). Capturing and making these areas part of your life is important in many aspects of our day to day life and that include; Income and money Education, career choices and job skills all affect our finances and income. There has always been a trade-off between effort and time, rewards and money. Time will always be in tandem with money. When you working for a living which many of us.
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Tips for mastering the write-ups There rarely exist right answe
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John E. Padilla,
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