Behavoural Eco Flashcards
1
Q
Rules of thumb
A
Choices based on their default choice based on experience
2
Q
Anchoring
A
Rely too heavily on an initial price of information when making choices
3
Q
Framing
A
Presentation or wording of info can significantly influence peoples decisions
E.g. ‘80% fat free’ rather than ‘20% fat’
4
Q
Availability bias
A
Based from personal experiences or those around them
e.g. seeing a plane crash on news and so get a boat to Spain
5
Q
BIT
A
Behaviour insights team- nudge unit.
Set up in 2010 by David Cameron’s gov. Have an office in NY and give advice to New Zealand, Singapore and Australia
