Economics is about understanding consumer behaviour. But we often need a deeper understanding of behaviour and how to change it. This is the role of behavioural economics.
Our behavioural economics work
Blending economics with behavioural science provides a sophisticated toolkit with which to study customer decisions. Behavioural science helps us explore what drives customer behaviour: the subconscious, the emotions and the power of context. Economics helps identify and prioritise the behaviours to target. That is, what are the behaviours that reduce costs or drive revenue? And what is the best way to change those behaviours?
Many organisations, including governments, charities and other public and private sector bodies have been looking to behavioural economics to change behaviours of consumers or constituents. This ranges from encouraging payment of taxes to increasing levels of organ donation. Simple ‘nudges’ are effective and cheap.
Our sister company, Frontier (Europe) has been at the forefront of assisting organisations across Europe with behavioural economics solutions. Click here for more information on what they do.