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Secrets of the Moneylab: How Behavioral Economics Can Improve Your Business
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Popular books on behavioral economics such as Predictably Irrational" and Nudge" have shown us that people aren't rational. But irrational" doesn't mean irregular": in fact, modern science has shown time and again that our behavior, strange as it sometimes seems, follows predictable patterns. Just as the physical world is governed by gravity, electromagnetism, and other invisible forces, so human behavior is guided by a set of forces that we can't see but whose evidence is all around us. Now a pioneering Hewlett-Packard economist describes fascinating experiments into human behavior and offers practical lessons being put to use right now at HP and other leading companies. Using examples as timely as the auto industry bailout, it"tackles key issues such as: How managers can use incentives to encourage employees, suppliers, and buyers to take on more risk in line with the company's goalsHow to reduce the negative effects of irrationality on the part of employees and customers by paying attention to patterns in decision making-even when they don't, at first glance, make sense. How to take advantage of the human tendency to game the system and skirt the rules to their own benefit.
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