The Nobel prize for Economics 2017 has awardedand his studies onbehavioral economics and how the psychology affects the behaviors that regulate the demand and theoffer of the markets. A new paradigm that introduces among the economic variables in the decisions, not always rational, consumers, and the effects that these can have on the dynamics of the markets.
Thaler, in his book, “Nudge – gentle push” has put well to the fore as consumers do not always refer to behavioural models and rational in their choices on both economic and financial, but as, on the contrary, theerror and theaspect of impulsive play a significant role in the choices of individuals. Aspects, therefore, that companies can’t ignore in touch with their target audience, which is not enough to know the tastes and habits but it is necessary to deepen the aspects less predictable.
While speaking of the errors and irrationality of the choices, Thaler argues that the aspects of “illogical” behavior of the target market follow, in their own way, the patterns are predictable, and therefore analyzable, and usable for the benefit of the individual enterprises, and the study of these aspects is possible, in large part, thanks to the presence, and the conscious use, of Big Data.
Once again, as already supported by the, the Big Data are at the center of discussion in the international economy, and the willingness of the Swedish Academy to give the Nobel to Thaler and studies in the field. reaffirms the crucial importance that the study and theuse of Big Data have for the business, not only for the knowledge and the evaluation of the player in the market of reference, but even on the target to which the company is directed, to develop in time winning strategies and gain a competitive advantage in the long term.
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