Behavioural Science

When I was a child in Mexico, Sundays were special not just because of family gatherings but because my grandfather would give us a small amount of money, a practice known as 'Domingo.' Although this was intended to teach us the value of money, it never explained the concepts of saving or effective financial management. Fast forward to my teenage years: I landed my first job and, soon after, got my first credit card. Within six months, I was buried in debt, a situation so dire that my father had to intervene, regretting that he hadn't taught me proper financial habits. Today, as an adult who only started saving and investing a few years ago, I've realized that my story isn’t unique. In the UK, three quarters (73%) of the population fall below the financial literacy benchmark. In Mexico, the scenario is even grimmer, with 65% of the population spending more than they earn, a direct result of inadequate financial literacy. This gap in financial literacy is not only detrim

Opening my banking app to see personalised budget tips or having my fitness app adjust to my progress shows just how great and useful personalisation can be. However, getting Taylor Swift recommended every day because I listened to ONE song isn't ideal -nothing against Taylor, but this kind of repetitive suggestion can lead to information fatigue, especially when it feels like she's everywhere! When applied correctly, personalisation can be incredibly effective. We, behavioural scientists, have long claimed that people are more likely to respond positively when they feel they are being addressed as individuals and when their needs are empathized with. For instance, in a previous discussion on my blog, I explored how personalisation could better engage users in financial services.  Personalisation uses historical data to tailor services to individual needs, making each interaction more relevant and engaging. However, as we increasingly rely on this technology, it's crucial

I'm often asked about how I transitioned from academia to industry. My career started in the fields of Psychology and Behavioural Neuroscience, where I completed a PhD and spent years as a lab researcher working with rodents. Even though I was successful enough to be named one of Forbes' 100 Most Influential Women in Mexico, I realized in 2019 that my dream of having my own lab might not happen. This made me look for new opportunities. Leaving my academic career was scary, but it also started a new journey full of learning. If you're thinking about making a similar move, here are some insights from my experience: - Leaving academia is not a failure: It took me several reminders that moving on to something new is a step forward, not backward. - Academia is not the only career option: I started my PhD with a single goal in mind: leading my own lab. It was only later that I discovered the opportunities available outside academic research. Your skills are valuable in many oth

Have you ever found yourself tirelessly working towards a goal, only to be met with failure time and time again?  This relentless cycle of effort and disappointment can lead us to a dangerous conclusion: no matter what we do, we're bound to fail. This feeling, known as learned helplessness , was something I became familiar with during my psychology studies at UNAM in Mexico. The concept not only deepened my understanding of human behaviour but also evoked profound empathy, especially for the dogs involved in the foundational experiments by psychologist Martin Seligman. Seligman's experiments in the late 1960s involved dogs that were exposed to electric shocks they could not escape. Eventually, even when given the opportunity to avoid the shocks, the dogs didn't attempt to escape. They had learned to be helpless, believing their actions had no impact on their circumstances.  Learned helplessness doesn't stop at an interesting psychological phenomenon; it has profound imp

Daniel Kahneman has passed away , leaving behind a body of work that has significantly influenced how we think about economics and decision-making. Kahneman was not only a pioneering figure in psychology but also a key player in the development of behavioural economics, a field that merges insights from psychology with economic theory to better understand how people make decisions. His collaboration with Amos Tversky was central to his achievements. Together, they introduced ideas that challenged the conventional wisdom of their time. Unfortunately, Tversky passed away before they could jointly receive the recognition many believe they both deserved, notably the Nobel Prize in Economics which Kahneman won in 2002. This partnership was crucial in advancing their research and ideas. Three contributions by Kahneman particularly stand out for me: 1. Behavioural economics: Kahneman played a major role in developing this field, showing how psychological factors affect economic decisions. Thi

Ever wondered what happens when the heat of a Paris summer meets the complexity of Game Theory?  🔥  I sure found out, and not in the way I expected. Enrolled in what I thought would be a 'beginner's course' at the Paris School of Economics, I soon found out I was way out of my depth. Between the heat and the advanced material, I'll be honest: I didn't learn as much as I'd hoped 😅 But it made me curious and I started learning more about it by myself. Game Theory is basically the study of strategy. It looks at the choices we make when those choices aren't just about us but also about what others decide to do. It's like trying to figure out your next move in chess, knowing that what you do depends on what your opponent does. You might have heard about the Prisoner's Dilemma , a classic example in game theory that illustrates the conflict between individual and collective interests. In this scenario, two participants must choose between cooperating or