Described as economic theory with a dose of human nature, the concept of behavioral economics has been around for over 40 years. As marketers, we need to understand why consumers do what they do and what affects those decisions. Behavioral economics can help us identify behaviors and adapt to irrational biases that influence every consumer. Why do we trust others more than ourselves to make financial decisions? Why are we more afraid of what we might lose than what we might gain? To help us understand, Meg Goodman sits down with Lou Carlozo on the BAI podcast to discuss the nature of human decision making and how we as marketers can predict it.
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