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Companies can transform society in the

economy through scientific thinking and

behavioral economics because it’s a much

better way to genuinely understand the

products and services that they value

that they need it’s a better way to help

them buy the products and services that

are the right fit for for that man for

their families really powerful example

is insurance insurances a product that

we all need we all have risk in our

lives and insurance is a way for us to

offset that risk so that we’re not

devastated financially insurance has

been around for hundreds of years and

yet how many people actually understand

insurance how many people buy the right

kind of insurance that they need why is

such a fundamentally important product

something that helps prevent us from

having financial ruin why is such a

product that makes sense

still it’s so difficult for us to buy

behavioral economics can actually help

explain that people don’t do a good job

of assessing risk they don’t understand

probabilities they don’t understand you

know oh I have to pay something you know

to help prevent and offset this risk

they don’t understand those kinds of

trade-offs behavioral economics gives us

those insights so then we can actually

better position something like insurance

to help engage consumers and buying the

right amount of insurance that they need

so that would be an example where people

are better off if the company has helped

them to buy the product and service that

they need the other way that we like to

talk about our work b/e works is you

know even when we’re working maybe with

a company that’s doing you know frozen

pizza you’re like okay how are we

changing the world we’re just helping

sell frozen pizza what what is so noble

about us working on frozen pizza

the thing is when we’re working with the

company when we’re working with the

marketing team we’re encouraging them to

have a whole new way of thinking that’s

based on this

scientific method we give them the

behavioural insights they can understand

the biases that people have when they

make decisions maybe it’s about things

like how much time they have to make


maybe those decisions are more in the

consumer domain but then the bigger

picture is that we’re teaching that

marketing manager to think about

scientific insights and then maybe to

design an experiment that tests new

marketing approaches so then how can

that play out in the real world is maybe

now that marketing manager who’s now

using science to develop a better

marketing campaign when they’re

confronted with pseudo scientific

information about things that are

opposed to vaccines or information about

GMOs they’ll now be grounded in making a

much better informed decision in their

overall and day-to-day life so

scientific thinking then and having

scientific thinking not only can help us

make better business decisions but can

help us all collectively make better

decisions for society.