Using Behavioral Economics in Digital Marketing to Entice Consumers

According to the 4 types of cognitive biases

There is a scale; on one side is a shopping bag; the other side is a giant hand with an extended finger evening out the scale
There are a lot of unconscious biases that control our shopping habits. Getty Images

The field of behavioral economics received increased attention from both media and marketers when U.S. academic Richard Thaler won the Nobel Prize in economics in 2017 for incorporating psychological assumptions into analyses of economic decision-making.

John Walsh has been a professor of marketing at IMD for over 20 years.
Valérie Keller-Birrer is a research consultant and market research freelancer with more than 20 years experience in market research and 10 years as a research associate for IMD International.