In this episode of the Decision Corner, Brooke speaks with Dilip Soman, Canada Research Chair in Behavioural Science & Economics, University of Toronto Professor and Director of the Behavioural Economics in Action Research (BEAR) Centre at Rotman School of Management. Together they explore the translation of behavioral science theory into practice, common intervention pitfalls, and the types of strategies organizations and individuals can implement to make their interventions more robust and ultimately, more successful. Some of the topics discussed include:
- Why ‘shopping at the nudge store’ doesn’t always lead to the best outcomes, and how practitioners should consider the unique ‘seemingly irrelevant factors’ that exist in their particular context.
- The ladder of evidence - adopting a variety of approaches to intervention testing, that isn’t just another randomized controlled trial.
- Moving beyond statistical averages and considering the larger picture.
- Why a house listed for $1 will likely get a much higher sale price than the predetermined asking price.
- Organizational and psychological barriers to intervention testing and experimentation.
- How individuals can catalyse change in their organizations, and overcome some of the human biases that impede on the ‘discipline of testing’.