Tag: Behavioural Economics

Behavioural Science Behind: Why Supreme Court orders were defied on Diwali

by Sourav Raina

Supreme Court is a highly respected and legitimate authority in India, despite being its order of regulating timings (between 2000 to 2200 hours) of burning fire-crackers on Diwali, the fire-show went on way beyond. Crackers were burned by the people of Delhi even knowing the ongoing hazard of air pollution in the capital city. 

Why it had happened, how it could have been handled, what are the possibilities of the future? Behavioural sciences have some answers….

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Psychology of Pricing: The Decoy Effect

by Sourav Raina

Have you ever thought of pricing beyond cost + margin?

Did you ever notice the way you make decisions by available choices?

Did you ever feel curious when a book judged by its compelling cover became a boring read?

Have you ever thought why a shirt is priced at 2999 instead of 3000?

Nudged: How Brands Can Create a Difference by Using Behavioural Economics

by Sourav Raina

A nudge is an aspect of the choice architecture that alters people’s Behaviour in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food does not.