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Monday, 22 December 2014

Bankers, MPs expenses and herd psychology

From: How customers think, feel and behave

Some interesting thoughts expressed at the recent ‘Online research conference’; in particular the point about herd psychology (Mark Earls).  This reminds me of the debate recently on Radio 4 concerning which economic theory best explains the Credit Crunch.  If the recessions/ depression of the last century have led to the rise of Keynes and Friedman perhaps this century we should be talking about Kahnemanism; how psychology and group psychology impacts economic/ consumer decision-making.  

 

Bankers chasing the short-term bonus; MPs following a culture of greed, the behaviour of my fellows begets my own behaviour; it’s a cultural condition. We can’t help ourselves even if this means in the long-run ‘lemming-like’ we end up over a cliff.

 

Perhaps in the new social media world similar effects can be seen and utilised.    After all, we are seeing the possibility of social groups forming at an ever increasing rate – think trip advisor on steriods.

 

Or how about your own internal culture as an organisation, your mode of operating directly impacting on how you will be perceived by your clients and customers. 

 

We are used to looking at the psychology of the individual, how about more research and understanding on the psychology of the group. 

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