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 markets and second part outlines the behavioural tools that regulators, Industry and governments should deploy to guide the evolution of online markets.
“The internet has transformed how we live, work and play. Today, online you can make friends around the world without ever saying hello! compare products without leaving the house, plan a date with a stranger. Th digital world has us thinking on how we conceive and run the economy. There is competition but there is concentration of market power amongst a few players. High quality products and services are available at lower prices or in many cases at no price! “
The connected world currently has more unanswered questions for business then the answers it has already offered or the problems that it claims to have solved.
