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Showing posts with the label Behavioural Insights

From smiley faces to stock markets: The Bandwagon Effect explained

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In the late 90s, smiley face fashion became a widespread trend, with people buying and wearing clothing and accessories adorned with the iconic yellow smiley face logo 🙂 For a rebel child like myself, this trend didn't really suit me well, but I was carried away by its popularity. Despite never really liking them, I begged my mother to buy me smiley face t-shirts, lunch boxes, and more. Looking back, I still don't like them, not even for a pyjama top! So why did I desperately want them back then? As a behavioural scientist, I'd blame the Bandwagon Effect. The Bandwagon Effect refers to our habit of adopting certain behaviours or beliefs simply because many other people do the same. This phenomenon is often observed in consumer behaviour and political settings. The Bandwagon Effect is a specific instance of herd mentality, which is a broader term describing how individuals in a group can act collectively without centralized direction. Here are some examples of the Bandwago...

Behavioural steps to overcome insomnia

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A few years ago, I experienced a spell of insomnia that turned my life upside down. Having always been a good sleeper, this sudden change felt like a nightmare. If you've ever dealt with insomnia, you know how debilitating it can be. Waking up in the middle of the night with my heart pounding, unable to go back to sleep, and rolling from one side to the other was exhausting and frustrating. This period of my life was particularly stressful, and in my desperation, I tried several herbal remedies and over-the-counter drugs. Nothing seemed to work until I found a book that completely changed my approach. Colin A. Espie's "Overcoming insomnia and sleep problems: A self-help guide using cognitive behavioural techniques" was transformative for me. I highly recommend this book to anyone struggling with insomnia or simply looking to improve their sleep quality. Here are some key points from Professor Espie that I found most helpful: 1. Establish a pre-bed time routine: Develo...

Overcoming learned helplessness

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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...

Introduction to Game Theory

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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 ...

Are you a maximiser or a satisficer?

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Do you meticulously weigh all available options, striving to achieve the best possible outcome? Or are you content with solutions that meet your criteria and are deemed "good enough"? Maximisers , as coined by psychologist Barry Schwartz, are individuals who tirelessly pursue the best possible outcome in their decisions. They meticulously analyse options, seeking to maximize utility and satisfaction. In contrast, satisficers , a concept introduced by Herbert Simon, opt for solutions that meet their criteria and are "good enough." From an evolutionary standpoint, both maximization and satisficing strategies have adaptive significance. Maximization may have evolved as a mechanism to secure the best possible resources and opportunities, enhancing survival and reproductive success. On the other hand, satisficing conserves cognitive resources and minimizes risk, allowing individuals to make efficient decisions in dynamic environments. Now, consider the scenario of inves...

Is it irrational to splurge on a luxurious dinner one night?

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In the field of economics and decision theory, rational behaviour is often portrayed as the gold standard, the ideal where individuals make choices that maximize utility, or in simpler terms, bring about the best possible outcomes. But what if this notion of rationality isn't as straightforward as it seems? In the behavioural science field, it is often argued that our behaviour is often 'irrational', driven by perceptual or cognitive biases that distort our decision-making processes. These biases create what economists and psychologists refer to as anomalies, deviations from the rational model. Heuristics and biases very often receive bad press: 'This person spends their savings on a luxurious dinner because of present bias.' However, rather than viewing heuristics and biases as inherently negative, we should embrace their potential to guide us towards adaptive decision-making. It's essential to recognize that these 'anomalies' don't exist in a vacuu...

Why hyperbolic discounting fascinates me

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  At a recent work event, I noticed something that reminded me why I became a behavioural neuroscientist: During a conversation in the morning, I asked a colleague about his evening plans -he mentioned hitting the gym as part of a long-term fitness program but was also open to joining us for drinks afterwards. As the day progressed, something interesting happened. Despite his initial plan to go to the gym, by 4 pm, he was enjoying a glass of wine 🍷 An hour later, we were enjoying happy hour in a bar, and though he still talked about the gym, he ordered an old-fashioned (or two?)  By 8 pm, we found ourselves in a restaurant having a Korean dinner -not the lightest meal before a workout. I asked about the gym plans again, and though he seemed optimistic, his certainty wavered a bit. Finally, around 10 pm, he hinted he might hit the gym, but it was uncertain. No need to state that he didn’t go 😂  This situation perfectly illustrates that when presented with two future opti...