He introduced us to various cognitive biases that he regularly interacts with at his firm, Behive Consultancy. He used real life examples to discuss: Present Bias - the idea that consumers irrationally prefer to enjoy rewards now at the expense of more prestigious rewards if they wait for a period of time; Loss Aversion Bias - the idea that the sadness of losing a gift exceeds the happiness gained from initially winning it, along with many more ideas. He inspired us to consider Behavioural Economics, not only as a potential career path, but equally as a concept we can take more keen notice of in our daily lives. In Tony’s opinion Behavioural Economics is not only gaining traction due to the fact that it challenges traditional “rational” economic thinking but also because it provides an important interface between Economics and Psychology that governments and organisations are increasingly paying attention to.
Melissa Year 12