From Page to Practice: The Power and Pitfalls of Applying Nudge Theory for Climate Action

July 26, 2023 by Adam Spadaro in From Page to Practice

Explore the challenges and promise of Nudge Theory in climate action with our latest article, 'From Page to Practice: The Power and Pitfalls of Applying Nudge Theory for Climate Action.' We delve into how the simplification of choice architecture and neglect of larger systemic influences can impact the effectiveness of nudges. However, by acknowledging these criticisms and strategically directing nudges at the systemic level, we can potentially drive large-scale transformations in our fight against climate change.

From Page to Practice: Behaving ‘Predictably Irrational’ in an Unpredictable Economy

July 05, 2023 by Adam Spadaro in From Page to Practice

In this latest addition to our 'Page to Practice' series, we navigate the fascinating twists and turns of today's economic landscape using the compass of Dan Ariely's 'Predictably Irrational'. Discover how concepts like the 'Power of Free' are being reimagined for the 21st-century tech economy, and that's just the beginning. Delve deeper into Ariely's work as we apply his timeless themes to our current unpredictable market. Irrational? Perhaps. Enlightening? Absolutely. Read on to learn more.

From Page to Practice: Applying 'Thinking, Fast and Slow' to Consumer Behaviour

June 15, 2023 by Adam Spadaro in From Page to Practice

Embark on a fascinating journey with our 'From Page to Practice' series as we apply the intriguing insights from Daniel Kahneman's 'Thinking, Fast and Slow' to real-world consumer behavior. We examine how e-commerce platforms, real estate agencies, fitness clubs, and tech giants skillfully tap into our automatic System 1 thinking and deliberate System 2 thinking. Delve into our first article to understand the impact of anchoring bias, loss aversion, and the endowment effect on your everyday decisions, and discover how businesses strategically employ these principles to enhance consumer experiences.

Understanding the 'Why' Behind Consumer Decisions in the Growing Vegan Food Market: 3 Key Drivers

June 09, 2023 by Adam Spadaro

Discover the motivations behind the booming vegan food market in our latest blog post, as we delve into the insights of Uri Gneezy and John List's acclaimed book, "The Why Axis: Hidden Motives and the Undiscovered Economics of Everyday Life". What factors are driving the staggering 72% growth in vegan "meat" sales from 2018 to 2020? How do immediate rewards, social norms, and incentives shape our food choices? And how has the Veganuary movement contributed to this seismic shift in consumer behavior? This exploration not only demystifies the surge in veganism but also offers crucial insights for businesses hoping to capitalize on this burgeoning market. Read on to understand the 'why' behind the vegan trend and what the future holds for this industry.

Navigating the Paradox of Choice in Today's Streaming Wars

June 07, 2023 by Adam Spadaro

Feeling overwhelmed by the multitude of streaming platforms, each boasting an enormous catalogue? Welcome to the paradox of choice in the era of 'Streaming Wars'. Dive into our analysis as we explore personalized streaming, potential consolidation, intuitive interfaces and the intriguing possibility of letting the streaming service choose for you. Learn how the future of streaming might just balance the variety we crave with the simplicity of traditional TV. Click to discover how we can navigate these choices wisely and enjoy the show!

The Rise and Fall of NFTs: Understanding Through Loss Aversion and Fear of Missing Out

June 06, 2023 by Adam Spadaro

Want to unravel the rollercoaster journey of Non-Fungible Tokens (NFTs)? Our latest post dives into how psychology - specifically loss aversion and the Fear of Missing Out (FOMO) - fueled the NFT boom and bust. We explore how social media hype and fear of being left out drove the NFT frenzy. But what happens when the hype fades? Join us as we uncover the reverse FOMO effect that led to the NFT decline and learn valuable lessons on making informed decisions amidst market trends. If the dynamics of psychology and finance intrigue you, you won't want to miss this read!

Shifting Sands: The Dynamic Anchoring Effect in the Evolving Housing Market

June 06, 2023 by Adam Spadaro

In a rapidly evolving real estate market, the traditional concept of anchoring—where initial prices set a reference point influencing negotiations—undergoes significant shifts. This post delves into how dynamic average resale prices shape buyer behaviour and perception of value, exploring the concept of 'adjustable anchors'. Amidst the 'anchor dance' of constantly resetting reference prices, we outline evidence-based strategies for consumers to counteract this cognitive bias, fostering informed decision-making in a fluctuating housing market.

The Importance of Ending on a High Note

August 25, 2016 by Adam Spadaro

Over the past 20 years, behavioural economists have found evidence in support of a human insight that story-tellers have known for countless generations – people love a happy ending. However, the particularly curious part of this insights is that all else being equal, an experience that starts off as happy/positive is not remembered as favourably as an experience that ends off as happy/positive. That is, it is not just the case that people love happy endings, but that they love them much more than happy beginnings.

In Defence of Behavioural Economics

October 22, 2015 by Adam Spadaro

A recent article called “Please, Not Another Bias! The Problem with Behavioural Economics” published by Evonomics presented an interesting, but contrarian, view on how we think about behavioural economics. According to the article, the problem with behavioural economics is that the field continues to look for cognitive biases, treat each bias separately, and not come up with a unifying theory. Essentially, the article acknowledges the problem of how the field of behavioural economics is only adding to its complexity without finding a parsimonious way of explaining why these cognitive biases exist in the first place.

Can the sound of a candidate's voice sway an election?

October 19, 2015 by Adam Spadaro

Unless you have been living under a rock, the hype surrounding upcoming elections for both Canada and the United States has reached its fever pitch. Every possible topic has been analyzed and scrutinized to death by political pundits. We really can’t get away from all the election coverage, which means as voters, we have access to all this information - both good and bad - to help us make the most informed decision possible. And having all the information is a good thing right? Regardless of one’s political leaning, we are all trying to use all of this information to rationally decide who would make the best leader for our country.

Using behavioural economics to overcome the problem of distracted driving

September 16, 2015 by Adam Spadaro

Recently in Ontario, stiffer penalties were put in place to prevent drivers from using their phone while on the road. Distracted driving is already a major problem for Ontario, as it is for almost every province or state where smartphones are commonplace. In order to battle this problem, Ontario passed legislation that allows for stricter fines and penalties to be given to drivers who use their phone while driving. However, increasing the punishment isn’t always the most effective way at changing behaviour, especially when we are trying to get people to separate themselves from their phones.