The Choice Factory: 25 behavioural biases that influence what we buy

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In an experiment, Psychologist, Elizabeth Newton asked people to tap out a famous song, and see if other people could guess it.

One of the ways our brains determine what is worthy of conscious attention is personal relevance – this is termed the cocktail party effect. There had been “too much description of behavioural biases and experiments, and not enough about the practical application” Richard Shotton told us when asked about the motivation behind his .Making use of behavioral science, which helps to understand how people make their decisions, can help companies solve this problem. Football supporters from each side counted more fouls against their team than fouls committed by their own team.

The reality is Behavioural Economics is human nature — it has been around since the earliest traders (All Behavioural Economics has done is to codify human behaviour). Before specialising in applying behavioural science to business problems, Richard started his career 18 years ago as a media planner working on accounts for the likes of Coca Cola, Lexus and compare the market.Richard is Deputy Head of Evidence at Manning Gottlieb OMD, the most awarded media agency in the history of the IPA Effectiveness awards. Many of the books on behavioural science and behavioural economics are slightly stuffy and can often be a difficult read, but this is the exact opposite. Harriman House Ltd will use the information you provide on this form to keep in touch with you and to provide updates and marketing. These habits account for a significant proportion of our actions, but they’re normally invisible; revealed only when our environment changes. The best way to ensure brands strive for distinctiveness is to popularise the principal-agent problem.