Until just a few years ago, behavioral economics was not a mainstream topic. But now, particularly with rise of big data, many of the fastest growing, leading edge companies are utilizing some sort of behavioral economics expertise. Insights from behavioral economics are driving customer sales and loyalty, guiding strategic decision making and project management, and creating workplaces that nurture initiative and creativity.
The evening will address key behavioral economics concepts and how companies and organizations, including non-profits, are applying them. Among the most important are tools designed to help individuals and organizations make better decisions and avoid common pitfalls that result from instinctive human behaviors. These include: anecdotal vs. statistical thinking, heuristics (mental shortcuts that people use, most times unconsciously, to reach decisions on difficult questions), loss aversion, inaccurate perceptions of risk, and choice architecture.