Using experiments in consumer research

01 March 2010

Ofcom has recently been doing some work on behavioural economics and its implications for regulation. Behavioural economics explores insights from psychology on the behaviour of individuals, and uses these to develop a more realistic understanding of how individuals make decisions. Traditional economics assumes that individuals are good at making decisions: behavioural economics relaxes this assumption and highlights that individuals are subject to cognitive limitations, impulses and emotions, which can lead to apparent "errors" or "biases" in decision-making.

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