Share
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?
Steven Walden
Steven Walden is Head of Research at Customer Experience Consultancy, Beyond Philosophy. He has worked in Management Consultancy for the last 14 years including boutique and large strategy houses providing advice and guidance to a cross-industry range of businesses on market planning and consumer behaviour. Within his current role and working closely with leading business schools he has focused on designing measures of emotion and the sub-conscious using techniques from consumer psychology. He is also co-author of a new book coming out in Spring 2010 on Customer Experience Management.Recent Posts
-
Satisfaction or dissatisfaction
5-Jul-2010
-
A Case of Social Desirability Bias in Polling
7-May-2010
-
So how do the candidates make you feel?
22-Apr-2010
-
Tweets predict sales – or do they?
12-Apr-2010
-
Ending the cult of statistical significance
4-Apr-2010
-
Data deluge and insight
9-Mar-2010