How Behavioral Economics Can Improve Your Business Focus of September 13 Economic Perpsectives

Marina Krakovsky will discuss how to better understand human behavior to improve the performance of your business on the first segment of the September 13 edition of Economic Perspectives, 5:30 p.m. – 5:50 p.m. on KAZI 88.7.  Krakovsky is the co-author with Kay-Yut Chen of Secrets of the Moneylabs: How Behavioral Economics Can Improve Your Business.  Listen live online at kazifm.org.

The book  is based on the work of economist Kay-Yut Chen at Hewlett Packard’s Moneylab, where he studies human behavior in simulated marketplaces.  His groundbreaking research has saved the company millions of dollars by showing how changing the right conditions can make people behave very differently.

Secrets of the Moneylab offers practical lessons being put to use right now at HP and other leading companies. It explains, for instance, how to:

• Use incentives to influence employees, suppliers, and buyers
• Determine whom to trust, and how much
• Reduce the negative effects of irrational behavior by noticing patterns that don’t seem logical—but are utterly predictable
• Overcome the human tendency to game the system
• Profit from motives beyond money

Chen and science writer Krakovsky reveal in plain English how to translate the counterintuitive findings of behavioral economics into concrete action steps for businesses of any size.