Behavioral Economics
Using principles of Psychology and Economics, we provide low cost and simple solutions to help clients get the results they want.
example #1: behavioral economics concepts
Metro United Way, Louisville, KY, saw a 31% increase in return rates of the Ages & Stages Questionnaires (ASQ)®, an evidence-based instrument enabling parents to monitor their child’s development starting from 2 months to 5 1/2 years to make sure their child is safe, healthy, nurtured, and prepared to succeed in kindergarten.
BEFORE
AFTER
BEHAVIORAL ECONOMICS CONCEPTS USED:
example#2: behavioral economics concepts
BEFORE
AFTER
BEHAVIORAL ECONOMIC CONCEPTS USED:
Simplicity
Priming
Salience
Reference Dependence
Information Provision
example#3: behavioral economics concepts
BEFORE
AFTER
Behavioral Economics Concepts Used:
Salience
Personalization
Relative Ranking
Simplification
Reciprocity
example #4: behavioral economics concepts
BEFORE
AFTER
BEHAVIORAL ECONOMICS CONCEPTS USED:
Salience
Simplification
Reciprocity
Default
EXAMPLE #5 BEHAVIORAL ECONOMICS CONCEPTS
BEFORE
AFTER
BEHAVIORAL ECONOMICS CONCEPTS USED:
Salience
Simplification
Reciprocity
more examples of behavioral economics from the field:
Louisville, KY saw a 37% reduction in incomplete applications for the purchase of vacant and abandoned properties from the city by changing the layout of their website.
Lexington, KY changed the layout of the delinquency letter for unpaid water bills. This resulted in a 75% increase in customers who paid off their accounts.
Hartford, CT increased their citation payments revenue by $130,000 per year by introducing a citation letter with a new layout.
To learn more about the field of Behavioral Economics, please take a look at the following resources:
Thinking, Fast and Slow by Daniel Kahneman
Nudge: Improving Decisions and Health, Wealth and Happiness by Richard H. Thaler
Predictably Irrational: The Hidden Forces that Shape Our Decisions by Dan Ariely