LLM Economics – A Guide to Generative AI Implementation Cost
Generative Artificial Intelligence (AI) has gained significant attention for its potential to transform various industries. Some of the ways that an organisation can use generative AI are – Personalising customer experiences, streamlining operations and efficiency, enhancing decision-making, preserving privacy and security, fraud detection and cybersecurity. However, most organisations are encountering challenges when implementing generative AI […]
Cognitive Biases: The riddle of irrational decisions
We make decisions all the time and we almost always believe that we are making rational and thought-through decisions. The truth cannot be further from this. The concept of cognitive biases was introduced by Amos Tversky and Daniel Kahneman way back in 1972. The fact that its application has gained a huge amount of traction […]
Guiding principles of Behavioural Economics
Very early on in my advertising career I had realised that what people say and what they do are not always the same thing. One of the classic Ogilvy quotes that comes to mind is that – ‘Consumers don’t think how they feel, say what they think or do what they say.’ There has been […]
The Role of Behavioral Economics in Marketing
I have been a Behavioural Economics enthusiast for a few years now. I have watched with great curiosity and anticipation the growing interest in Behavioural Economics both at the policy level by governments across the world and the faster adaption undertaken by corporates and marketing folks across the world.The most interesting part for me is […]
Why Behavioural Economics is important?
Behavioural Economics has been around for some time. People like Richard Thaler, Robert Shiller, Trversky, Cass Sunstein, Dan Ariely and many more have given their life to it. But it is only now that the practice is getting acknowledged and getting it due. Large organisations and the government are understanding the power of Behavioural Economics […]
The behavioural science of online harm and manipulation and what to do about it
I came across this exhaustive paper by Elisabeth Costa and David Halpem from the Behavioural Insights team. The paper explores the fast-evolving landscape of how we behave, interact online and how businesses respond. The paper is divided into two parts, the first part explores the economic and social challenges presented by the evolution of digital […]
Who gets influenced by Influencer Marketing?
Influencers hold significant power over their audiences. They authentically and originally demonstrate how to use products and services. They stick their neck out, put their reputation at stake by putting out their opinions on their personal social media platforms. Influencers and credibility must go hand in hand and the successful influencers have worked on building […]
Successful application of Behavioural Insights by the Government of India
I am glad that the Government of India has embarked on its journey to use Behavioural Economics. Countries like US and UK already have departments within the Government for Behavioral Change. India has taken its first steps to acknowledge the role of Behavioural Economics to shape and influence policy decisions, implementation and successful execution. The […]