Things that Go Bump in the Mind: How Behavioral Economics Could Invigorate Marketing
Journal of Marketing Research, Vol. 43, No. 3, pp. 337-340
5 Pages Posted: 7 Jan 2009
Date Written: August 2006
In their article, Ho, Lim, and Camerer (2006) lead by example. They identify principles from behavioral economics, and rather than simply exhort their readers to pay attention, they actually produce impressive demonstrations of how these principles can be applied to substantive marketing problems. It is easy to argue that these ideas are important, but it is more difficult to demonstrate that importance. Implicitly, Ho, Lim, and Camerer send a message of encouragement: Behaviorally realistic assumptions are not problems to be ignored; they are opportunities. Formal models can capture psychologically realistic concerns. Together, they should be the grist for the next generation of marketing mills.
Keywords: behavioral economicsbehavioral economics, citation analysis, decision making, marketing theory, quantitative models
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