Taking behavioral economics from the cocktail party to the boardroom, with dramatic results. Books like Predictably Irrational and Nudge have brought behavioral economics into the mainstream. But while we all marvel at how different - and weird - real people behave compared to the "rational actors" of traditional economics, in the end we go back to business as usual. After all, what do a few laboratory experiments have to do with making a buck? As economist Kay-Yut Chen has shown, quite a bit.
Chen started behavioral economics research at Hewlett-Packard, founding the first such "moneylab" at any company, let alone one in the Fortune 500. His groundbreaking research into human behavior has led to tangible results for HP. In fact, he has saved the company millions of dollars by showing how changing the right conditions can make people behave very differently. Secrets of the Moneylab offers practical lessons being put to use right now at HP and other leading companies. It explains, for instance, how to:
Use incentives to influence employees, suppliers, and buyers
Determine whom to trust, and how much
Reduce the negative effects of irrational behavior by noticing patterns that don't seem logical-but are utterly predictable
Overcome the human tendency to game the system
Profit from motives beyond money
Chen and science writer Marina Krakovsky reveal in plain English how to translate the counterintuitive findings of behavioral economics into concrete action steps for businesses of any size. Secrets of the Moneylab shows how tackling your real-world problems like a scientist can open up entirely new realms of possibility and profit.
"What can a bunch of college kids playing games in a lab tell us about risk management or compensation plans? A lot, as it turns out. Using laboratory science, field experiments, and examples from well-known companies, Chen and Krakovsky reveal the secrets of how to apply the scientific method to your business practices." (Daniel H. Pink, author of Drive and A Whole New Mind)
"Marina and Kay-Yut show how businesses can understand irrational behavior and, more important, use this understanding to create better practices." (Dan Ariely, author of Predictably Irrational, and The Upside of Irrationality)
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