Sunday, 24 July 2011

TMI World Congress Vilnius 2011 report No. 2

I had the privilege to attend a 'Power Briefing' given by TMI UK's Managing Director, Gillian James
During the TMI World Congress at Vilnius 2011 there are Power Briefing sessions during lunchtime.
Gillian's Power Briefing was "20 things you may not have known about behavioural economics."
It was great to hear one of the TMI champions present. They are a great company with much to share with their sister TACK.
Her session was punchy, pacey and powerful.
Behavioural economics, Gillian explained to us is a branch of economics that adds elements of psychology to traditional models in an attempt to better understand decision making.
Gillian's power briefing '20 ideas' were her distillation of the key points for this discipline and her reading of key papers from Harvard Business Review and books such as The Decisive Moment, Predictably Rational and Nudge ( known to fans of Prime Minister , David Cameron)

The twenty things include:
Defining a what is meant by Behavioural economics plus
• Segment the pleasure combine the pain
• Build Commitment through Choice
• Using a decoy when offering choices
• The world is not just a case of Supply and Demand
• Herding and self herding
• Market Norms versus Social Norms
• Dealing with procrastination
• The effects of set expectations
• The Importance of Brands
• We trust our feelings and perceive patterns
• Losing makes you twice as miserable as gaining makes you happy
• Overwhelming the rational
• Framing matters
• Mindless choosing
• Status Quo Bias
• Imposing self control
• Social nudging
• Choice Architecture
• End on an uptick

A selction of books Gillian recommends.
Gillian James

Managing Director TMI UK

+44 (0) 1926 462994

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