Behavioral Economics

Research in Behavioral Economics has tested the standard microeconomic model empirically and identified systematic deviations. It could be shown that people often do not fulfil the assumptions of a self-interested and rational utility maximizer (Homo oeconomicus). Instead, people’s decisions are affected by heuristics and biases as well as social influences. The variety of behavioural insights opens new chances. By including the behavioural component in economic analysis, more precise predictions and recommendations can be derived. We support you in analyzing your behaviour-related questions.

Nudging. How can people be steered to make «better» decisions by small changes in their choice architecture? Numerous studies show that so-called «nudges» can significantly influence behaviour and have welfare-enhancing effects. For example, default rules can increase contributions to pension schemes and social norms can promote sustainable energy consumption. Based on existing evidence and empirical tests, we design customized nudges for your needs.

Discrete Choice Experiments. What are the preferences of people and how much are they willing to pay for it? To answer these questions, we apply discrete choice experiments (DCE). Therefore, study participants are presented the choice between several scenarios and different prices. Based on their decisions, their willingness to pay for different goods and services and their characteristics can be derived.

Field Experiments. Which interventions really have an impact? To answer this question, we apply field experiments. Therefore, the impact of an intervention is measured compared to an (otherwise identical) control group without intervention. For example, the impact of malus contracts on employee performance can be investigated. Based on scientific insights, we design customized interventions and test their effectiveness empirically in the respective context.