This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here

Monday, 22 December 2014

Kahnemanism

From: How customers think, feel and behave

The Credit Crunch has crunched many economic theories around rational expectations and the like… perhaps more emphasis should be put on understanding psychology instead.  I would point to the rise of herd instinct, surely the main winner in terms of explaining the events of 2008. Likewise the theories of Professor Kahneman, Prospect Theory, Peak-End Rule and all that; from Keynes to Friedman to Kahneman, where economics goes research must surely follow?

Perhaps we are at the start of a ‘new wave’ in research that takes account of customer psychology - I dare to hope.  This also puts a question in my mind as to where research is going. If rationality ‘alone’ is inadequate, what research models will replace them?

Have your say

Please add your comment. You can include links, but HTML is not permitted.
Your email address will not be displayed on the site. All comments are moderated.

Mandatory
Mandatory
Mandatory
Mandatory
Mandatory What are the fourth and seventh letters of the word: CORNMARKET