More and more people struggle with debt, and while people differ in their motivations, preferences, and their reasons not to pay, debt collection practices rarely take these factors into account. Using psychological insights, debt collection can be made more debtor-friendly and effective. The results: increased repayments for companies and a lower financial burden for consumers.
By Tim Gohmann While the media focused on Donald Trump’s denigration of women, war heroes, Latinos and Muslims, Trump was building not just support but commitment from his core target — working-class, non-college–educated white males — to get out and vote. What was juvenile and embarrassing to the intellectual was the “silver bullet” that [...]
Getting trust right is critical to commerce and economic growth. Evidence from behavioral economics can help guide the way.
By Timothy Gohmann Image Credit: Chad Kainz (flickr) Volkswagen Group AG has admitted to gaming U.S. Environmental Protection Agency diesel-emission control testing affecting some 2 million vehicles worldwide. As a result, Volkswagen has replaced its CEO, Martin Winterkorn, with former Porsche CEO, Matthias Mueller, continues to run TV ads for its non-diesel vehicles and [...]
By Benjamin Voyer Out of all the areas of public life that can benefit from the applications of behavioural economics (BE) principles, healthcare is probably the one where it can make the biggest societal contribution. There are two main reasons why the healthcare industry should welcome (more!) BE insights. The first reason is that many [...]
