{"id":27,"date":"2012-09-11T16:01:53","date_gmt":"2012-09-11T16:01:53","guid":{"rendered":"https:\/\/debane.org\/franck\/?p=27"},"modified":"2012-10-04T18:51:15","modified_gmt":"2012-10-04T18:51:15","slug":"behavioral-economics-and-the-mistakes-we-do","status":"publish","type":"post","link":"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/","title":{"rendered":"Behavioral economics and the mistakes we do"},"content":{"rendered":"<p>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/debane.org\/franck\/wp-content\/uploads\/2012\/09\/crowd47.jpg\" alt=\"\" title=\"crowd47\" width=\"662\" height=\"440\" class=\"aligncenter size-full wp-image-434\">\n<\/p>\n<p>In his <a href=\"https:\/\/class.coursera.org\/gamification-2012-001\/lecture\/45\" target=\"_blank\">gamification lecture<\/a> on coursera.org <a href=\"http:\/\/twitter.com\/kwerb\" target=\"_blank\">Prof. Kevin Werbach<\/a> talks about behavioral economics. At the intersection of ecomomics and behaviorism, behavioral economics differs from economics by looking specifically at people\u2019s behaviors. What are people actually doing when facing a situation as opposed to they logically should be doing.<\/p>\n<p>Kevin points out 3 interesting \u2018mistakes\u2019 people make consitently:<\/p>\n<li><a href=\"http:\/\/en.wikipedia.org\/wiki\/Loss_aversion\" target=\"_blank\">Loss aversion<\/a><\/li>\n<p>people\u2019s tendency to strongly prefer avoiding losses to acquiring gains. Some studies suggest that losses are twice as powerful, psychologically, as gains.<\/p>\n<li><a href=\"http:\/\/www.useit.com\/alertbox\/defaults.html\" target=\"_blank\">Power of default<\/a><\/li>\n<p>people are more likely to go with the default option than to change it. This is observed regulary on the web while selecting an opt-in or opt-out process.<\/p>\n<li><a href=\"http:\/\/en.wikipedia.org\/wiki\/Confirmation_bias\" target=\"_blank\">Confirmation bias<\/a><\/li>\n<p>tendency of people to favor information that confirms their beliefs or hypotheses. People display this bias when they gather or remember information selectively, or when they interpret it in a biased way.<\/p>\n<p>Loss aversion and power of default \u2013 seems to be able to be corrected by paying attention. The confirmation bias seems pretty strong and much harder to correct. The effect is stronger for emotionally charged issues and for deeply entrenched beliefs \u2013 says Wikipedia. The <a href=\"http:\/\/en.wikipedia.org\/wiki\/Confirmation_bias#Related_effects\" target=\"_blank\">related effect<\/a> are: <strong>polarization of opinion<\/strong> (think politics), <strong>persistence of discredited beliefs<\/strong> (beliefs remain when the initial evidence is removed), <strong>preference for early information<\/strong>, <strong>illusory association between events<\/strong> (see non-existent correlations).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his gamification lecture on coursera.org Prof. Kevin Werbach talks about behavioral economics. At the intersection of ecomomics and behaviorism, behavioral economics differs from economics &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,13],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","hentry","category-knowledge","category-user-experience"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Behavioral economics and the mistakes we do - Digital Evolution<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behavioral economics and the mistakes we do - Digital Evolution\" \/>\n<meta property=\"og:description\" content=\"In his gamification lecture on coursera.org Prof. Kevin Werbach talks about behavioral economics. At the intersection of ecomomics and behaviorism, behavioral economics differs from economics &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/\" \/>\n<meta property=\"og:site_name\" content=\"Digital Evolution\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-11T16:01:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2012-10-04T18:51:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/debane.org\/franck\/wp-content\/uploads\/2012\/09\/crowd47.jpg\" \/>\n<meta name=\"author\" content=\"Franck\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Franck\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/\",\"url\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/\",\"name\":\"Behavioral economics and the mistakes we do - Digital Evolution\",\"isPartOf\":{\"@id\":\"https:\/\/debane.org\/franck\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/debane.org\/franck\/wp-content\/uploads\/2012\/09\/crowd47.jpg\",\"datePublished\":\"2012-09-11T16:01:53+00:00\",\"dateModified\":\"2012-10-04T18:51:15+00:00\",\"author\":{\"@id\":\"https:\/\/debane.org\/franck\/#\/schema\/person\/5a14cc5ea46a35beff4a3bc64068b791\"},\"breadcrumb\":{\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/#primaryimage\",\"url\":\"https:\/\/debane.org\/franck\/wp-content\/uploads\/2012\/09\/crowd47.jpg\",\"contentUrl\":\"https:\/\/debane.org\/franck\/wp-content\/uploads\/2012\/09\/crowd47.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/debane.org\/franck\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Behavioral economics and the mistakes we do\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/debane.org\/franck\/#website\",\"url\":\"https:\/\/debane.org\/franck\/\",\"name\":\"Digital Evolution\",\"description\":\"Notes from Franck Debane\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/debane.org\/franck\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/debane.org\/franck\/#\/schema\/person\/5a14cc5ea46a35beff4a3bc64068b791\",\"name\":\"Franck\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/debane.org\/franck\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c3c83110ba8806a2bdc3c2e42b7481a73540852cfe4417a873aed3470c7a9c87?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c3c83110ba8806a2bdc3c2e42b7481a73540852cfe4417a873aed3470c7a9c87?s=96&d=mm&r=g\",\"caption\":\"Franck\"},\"url\":\"https:\/\/debane.org\/franck\/author\/franck\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Behavioral economics and the mistakes we do - Digital Evolution","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/debane.org\/franck\/behavioral-economics-and-the-mistakes-we-do\/","og_locale":"en_US","og_type":"article","og_title":"Behavioral economics and the mistakes we do - Digital Evolution","og_description":"In his gamification lecture on coursera.org Prof. Kevin Werbach talks about behavioral economics. 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