behavioral economics from the cocktail party to the boardroom, with dramatic
Books like Predictably Irrational and Nudge have brought
behavioral economics into the mainstream. But while we all marvel at how
different-and weird-real people behave compared to the "rational
actors" of traditional economics, in the end we go back to business as
usual. After all, what do a few laboratory experiments have to do with making a
As economist Kay-Yut Chen has shown, quite a bit. Chen started behavioral
economics research at Hewlett-Packard, founding the first such
"moneylab" at any company, let alone one in the Fortune 500. His
groundbreaking research into human behavior has led to tangible results for HP.
In fact, he has saved the company millions of dollars by showing how changing
the right conditions can make people behave very differently.
Secrets of the Moneylab offers practical lessons being put to use
right now at HP and other leading companies. It explains, for instance, how
* Use incentives to influence employees, suppliers, and
* Determine whom to trust, and how much.
* Reduce the negative effects of irrational behavior by noticing
patterns that don't seem logical-but are utterly predictable.
* Overcome the human tendency to game the system.
* Profit from motives beyond money.
Chen and science writer Marina Krakovsky reveal in plain English
how to translate the counterintuitive findings of behavioral economics into
concrete action steps for businesses of any size. Secrets of the Moneylab shows
how tackling your real-world problems like a scientist can open up entirely new
realms of possibility and profit.
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