Taking behavioral economics from the cocktail party to the boardroom, with dramatic results
Books like Predictably Irrational and Nudge have brought behavioral economics into the mainstream. But while we all marvel at how different-and weird-real people behave compared to the "rational actors" of traditional economics, in the end we go back to business as usual. After all, what do a few laboratory experiments have to do with making a buck?
As economist Kay-Yut Chen has shown, quite a bit. Chen started behavioral economics research at Hewlett-Packard, founding the first such ...
Taking behavioral economics from the cocktail party to the boardroom, with dramatic results
Books like Predictably Irrational and Nudge have brought behavioral economics into the mainstream. But while we all marvel at how different-and weird-real people behave compared to the "rational actors" of traditional economics, in the end we go back to business as usual. After all, what do a few laboratory experiments have to do with making a buck?
As economist Kay-Yut Chen has shown, quite a bit. Chen started behavioral economics research at Hewlett-Packard, founding the first such "moneylab" at any company, let alone one in the Fortune 500. His groundbreaking research into human behavior has led to tangible results for HP. In fact, he has saved the company millions of dollars by showing how changing the right conditions can make people behave very differently.
Secrets of the Moneylab offers practical lessons being put to use right now at HP and other leading companies. It explains, for instance, how to:
* Use incentives to influence employees, suppliers, and buyers.
* Determine whom to trust, and how much.
* Reduce the negative effects of irrational behavior by noticing patterns that don't seem logical-but are utterly predictable.
* Overcome the human tendency to game the system.
* Profit from motives beyond money.
Chen and science writer Marina Krakovsky reveal in plain English how to translate the counterintuitive findings of behavioral economics into concrete action steps for businesses of any size. Secrets of the Moneylab shows how tackling your real-world problems like a scientist can open up entirely new realms of possibility and profit.
Behavioral economics remains all the rage in business literature, and Chen (lead economist, HP Labs) and freelance writer Krakovsky are the latest to try and capitalize on the subject's trendiness. By describing experiments currently being done at HP Labs, the authors explore how some unexpected findings about people's expectations of fairness, reciprocity, reputation, and trust can be used by companies to better understand the sometimes irrational behaviors of their customers and clients. Although interesting and an easy read, this nonetheless covers well-trod ground—see, e.g., Dan Ariely's Predictably Irrational, Richard H. Thaler and Cass R. Sunstein's Nudge, Peter A. Ubel's Free Market Madness, and Ori Brafman and Rom Brafman's Sway.
Product Details
ISBN-13: 9781101444245
Publisher: Penguin Group (USA)
Publication date: 9/2/2010
Sold by: Penguin Group
Format: eBook
Pages: 256
Sales rank: 755,303
File size: 525 KB
Meet the Author
Kay-Yut Chen leads Hewlett Packard's experimental economics lab-the first such lab at any company-which he established in 1994 immediately after earning his Ph.D. from Caltech. His research has been used in HP's Consumer Business Organization, Procurement, and several organizations in the printer division. His laboratory designed part of the standard contract between Hewlett-Packard and U.S. retailers like Wal-mart and Best Buy. His work has been featured in Scientific American, Risk Magazine, Newsweek, Financial Times, The Wall Street Journal, BusinessWeek.com, and Portfolio.com.
Marina Krakovsky is a journalist who frequently writes on topics at the intersection of science and business. Her credits include Scientific American, Slate, Discover, Psychology Today, O, The Oprah Magazine, The Washington Post, and The New York Times Magazine.
Customer Reviews
Be the first to write a review
( 0 )
Rating Distribution
5 Star
(0)
4 Star
(0)
3 Star
(0)
2 Star
(0)
1 Star
(0)
Barnes & Noble.com Review Rules
Our reader reviews allow you to share your comments on titles you liked,
or didn't, with others. By submitting an online review, you are representing to
Barnes & Noble.com that all information contained in your review is original
and accurate in all respects, and that the submission of such content by you
and the posting of such content by Barnes & Noble.com does not and will not
violate the rights of any third party. Please follow the rules below to help
ensure that your review can be posted.
Reviews by Our Customers Under the Age of 13
We highly value and respect everyone's opinion concerning the titles we offer.
However, we cannot allow persons under the age of 13 to have accounts at BN.com or
to post customer reviews. Please see our Terms of Use for more details.
What to exclude from your review:
Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the
information on the product page, please send us an email.
Reviews should not contain any of the following:
- HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
- Time-sensitive information such as tour dates, signings, lectures, etc.
- Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
- Comments focusing on the author or that may ruin the ending for others
- Phone numbers, addresses, URLs
- Pricing and availability information or alternative ordering information
- Advertisements or commercial solicitation
Reminder:
- By submitting a review, you grant to Barnes & Noble.com and its
sublicensees the royalty-free, perpetual, irrevocable right and license to use the
review in accordance with the Barnes & Noble.com Terms of Use.
- Barnes & Noble.com reserves the right not to post any review -- particularly
those that do not follow the terms and conditions of these Rules. Barnes & Noble.com
also reserves the right to remove any review at any time without notice.
- See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend
Create a Pen Name
penname is available!
By visiting the BN.com website or marking a purchase on BN.com, a User is deemed to have accepted the
Terms of Use.
Overview
Taking behavioral economics from the cocktail party to the boardroom, with dramatic resultsBooks like Predictably Irrational and Nudge have brought behavioral economics into the mainstream. But while we all marvel at how different-and weird-real people behave compared to the "rational actors" of traditional economics, in the end we go back to business as usual. After all, what do a few laboratory experiments have to do with making a buck?
As economist Kay-Yut Chen has shown, quite a bit. Chen started behavioral economics research at Hewlett-Packard, founding the first such ...