Behavioral Economics Better Understanding Consumers

The next time you’re standing in the coffee aisle at the grocery store and pick up one particular brand of joe over another, ask yourself why. The answer might be rooted in behavioral economics 101. Marketers and their agencies have been trying to decode why consumers buy what they do since the 1920s, when N.W. Ayer suggested people would “walk a mile for a Camel.” But lately they’re turning to behavioral economics, a blend of psychology and economics that has until recently been a mostly academic discipline, and could be described most simply as the study of how consumers make economic decisions.

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