Behavioural economics in the spotlight with Thaler's Nobel Prize
October 10, 2017
We were interested to see yesterday's Nobel Prize for economics awarded to Richard Thaler, the so-called father of nudge theory. Key to his thinking is the fact that gut instincts can often overrule rational choices - a retort to the image of rational economic man previously assumed by economists.
We employ this sort of human psychology in our own work, both in terms of understanding how people interact with ideas and organisations, and to design methodologies that take account of "real life". We know that what people say in the context of a rational well thought out conversation may not reflect how they'd act in reality. So it's great to see those ideas being given wider exposure currently.