How Behavioral Economics Can Help People Make Better Decisions
Sponsored by Amplifon
Thursday, April 2, 8:00-9:45 am
Dr. Daniel Mochon
Associate Professor of Marketing and Professor of Business Administration Tulane University, Freeman School of Business
People commonly make irrational choices. They fail to properly plan for their financial future, do a poor job of taking care of their health, and fall prey to simple tricks designed to manipulate which products they buy.
In his keynote address, Daniel Mochon will discuss some of the basic principles of behavioral economics, which studies the psychological basis of decision-making. Through this discussion, he will explore the source of many of these irrational behaviors, and describe methods that can be used to avoid common mistakes and improve people’s decisions.
Behavioral Economics: A Conversation with Dr. Daniel Mochon, AAA 2020 Keynote Presenter
By Catherine Palmer, PhD
"Audiologists often work with baby boomers, and I was wondering if we should expect consumer behavior in the baby-boomer population to be different from other generations. It turns out that consumer behavior isn’t really connected to generational differences, but it is connected to age.
I think purchasing conducted by individuals pursuing amplification and assistive-listening devices is especially interesting because it involves a commodity (device) and service. Do the rules of consumer perception have to be applied differently, depending on whether we are approaching a product versus a service? What if what is being offered combines both, as in the case of a customized hearing aid purchase?"
Read the full interview in the digital issue of Audiology Today.
Daniel Mochon is an associate professor of marketing and the Edward H. Austin professor of business administration at Tulane University's A.B. Freeman School of Business.
His research focuses on understanding how the biases inherent to people's decision-making processes affect their judgments and choices and examining the practical implications of these biases for business and policy.
His research spans many practical domains, including financial decision-making, health, and customer involvement and has been published in top business and psychology journals.
Mochon received his PhD in Management Science from MIT's Sloan School of Management and his BA in psychology from Brown University.