Behavioural economics meets the market place
Professor Gordon Foxall
Cardiff Business School, Cardiff University
National Assembly for Wales Tuesday 9th May 2017 18.30-20.00
Venue Old Chamber, Ty Hwyel, National Assembly for Wales, Cardiff Bay
Chaired by David Melding AM
Some of us already have an understanding of behavioural economics and for others it will be a new subject. Over recent years from the areas of health provision to the food and drinks market it has become a key economic tool. There are several versions of behavioural economics but a particularly successful approach, which is the subject of this talk, draws on both economics and psychology to elucidate the everyday behaviours of consumers in marketing-orientated economies. The talk by Prof Foxall, one of the world’s leading experts in this field, outlines the nature of this approach and applies it, first, to situations in which consumers are faced with a highly tempting immediately-available good that is less than they could obtain if they were willing to wait. Much consumer choice is of this kind, leading to purchasing on credit terms, spoiling the environment, compulsive shopping, and in the most extreme cases addiction.
Prof Foxall will go on to explore the fact that the second area of application is to understand what it is that consumers actually purchase which is discussed by reference to a model of consumer choice based more broadly on behavioural economics and the empirical research that it has generated. One outcome of this research is that we can now understand better why consumers are willing to choose a smaller-but-sooner reward than a larger-but-later one.
Professor Gordon Foxall
Gordon Foxall is Distinguished Research Professor at Cardiff Business School, Cardiff University and Visiting Professor in Economic Psychology at the University of Durham. He holds PhDs in industrial economics and business (University of Birmingham) and in psychology (University of Strathclyde), and a higher doctorate (DSocSc), also from the University of Birmingham. He is the author of over 200 refereed papers and some 30 books. He has held visiting appointments at the Universities of Michigan and Oxford. A Fellow of the British Psychological Society (FBPsS) and of the British Academy of Management (FBAM), he is a Fellow of the Academy of Social Science (FAcSS).
Prof Foxall’s research interests are in psychological theories of choice and their neuroeconomic underpinnings and in the explanation of consumer choice and the behaviour of the marketing firm. His work on the behavioural psychology and behavioural economics of consumer choice has inaugurated a new area of research, Consumer Behaviour Analysis, which brings behavioural economics and behavioural psychology to the investigation of consumer and marketer behaviour in the natural settings of contemporary markets. The most recent monograph to emerge from this research programme, Perspectives on Consumer Choice was published by Palgrave Macmillan in 2016. Especially germane to the subject of this talk is his new book Advanced Introduction to Consumer Behaviour Analysis to be published by Edward Elgar in 2017.
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