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Default Effect
The default effect, a concept within the study of nudge theory, explains the tendency for an agent to generally accept the default option in a strategic interaction. The default option is the course of action that the agent, or chooser, will obtain if he or she does not specify a particular course of action. The default effect has broad applications for firms attempting to 'nudge' their customers in the direction of the firm's optimal outcome. Experiments and observational studies show that making an option a default increases the likelihood that such an option is chosen. There are two broad classes of defaults: mass defaults and personalised defaults. Setting or changing defaults has been proposed and applied by firms as an effective way of influencing behaviour—for example, with respect to setting air-conditioner temperature settings, giving consent to receive Email marketing, e-mail marketing, or automatic subscription renewals. Default effect Endogenous default effects In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nudge Theory
Nudge theory is a concept in behavioral economics, decision making, behavioral policy, social psychology, consumer behavior, and related behavioral sciences that proposes adaptive designs of the decision environment (choice architecture) as ways to Social influence, influence the behavior and decision making, decision-making of groups or individuals. Nudging contrasts with other ways to achieve compliance, such as education, legislation or enforcement. The nudge concept was popularized in the 2008 book ''Nudge (book), Nudge: Improving Decisions About Health, Wealth, and Happiness'', by behavioral economist Richard Thaler and legal scholar Cass Sunstein, two American scholars at the University of Chicago. It has influenced British and American politicians. Several nudge units exist around the world at the national level (UK, Germany, Japan, and others) as well as at the international level (e.g. World Bank, United Nations, UN, and the European Commission). It is disputed whether "n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Email Marketing
Email marketing is the act of sending a commercial message, typically to a group of people, using email. In its broadest sense, every email sent to a potential or current customer could be considered email marketing. It involves using email to send advertisements, request business, or solicit sales or donations. Email marketing strategies commonly seek to achieve one or more of three primary objectives, to build loyalty, trust, or brand awareness. The term usually refers to sending email messages with the purpose of enhancing a merchant's relationship with current or previous customers, encouraging customer loyalty and repeat business, acquiring new customers or convincing current customers to purchase something immediately, and sharing third-party ads. History Email marketing has evolved rapidly alongside the technological growth of the 21st century. Before this growth, when emails were novelties to most customers, email marketing was not as effective. In 1978, Gary Thuerk of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (computer Science)
A default, in computer science, refers to the preexisting value of a user-configurable setting that is assigned to a software application, computer program or device. Such settings are also called presets or factory presets, especially for electronic devices. Default values are standards values that are universal to all instances of the device or model and intended to make the device as accessible as possible "out of the box" without necessitating a lengthy configuration process prior to use. The user only has to modify the default settings according to their personal preferences. In many devices, the user has the option to restore these default settings for one or all options. Such an assignment makes the choice of that setting or value more likely, this is called the default effect. Examples Application software preferences One use of default parameters is for initial settings for application software. For example, the first time a user runs an application it may suggest that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organ Donation
Organ donation is the process when a person allows an organ of their own to be removed and transplanted to another person, legally, either by consent while the donor is alive or dead with the assent of the next of kin. Donation may be for research or, more commonly, healthy transplantable organs and tissues may be donated to be transplanted into another person. Common transplantations include kidneys, heart, liver, pancreas, intestines, lungs, bones, bone marrow, skin, and corneas. Some organs and tissues can be donated by living donors, such as a kidney or part of the liver, part of the pancreas, part of the lungs or part of the intestines, but most donations occur after the donor has died. In 2019, Spain had the highest donor rate in the world at 46.91 per million people, followed by the US (36.88 per million), Croatia (34.63 per million), Portugal (33.8 per million), and France (33.25 per million). As of February 2, 2019, there were 120,000 people waiting for life-savin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parole Board
A parole board is a panel of people who decide whether an offender should be released from prison on parole after serving at least a minimum portion of their sentence as prescribed by the sentencing judge. Parole boards are used in many jurisdictions, including the United Kingdom, the United States, and New Zealand. A related concept is the board of pardons and paroles, which may deal with pardons and commutations as well as paroles. A parole board consists of people qualified to make judgements about the suitability of a prisoner for return to free society. Members may be judges, psychiatrists, or criminologists, although some jurisdictions do not have written qualifications for parole board members and allow community members to serve as them. A universal requirement is that board candidates be of good moral fiber. Canada New Zealand United Kingdom In the United Kingdom parole board members are also drawn from a wider circle of professions. The boards typically make a jud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amazon Logo
Amazon most often refers to: * Amazons, a tribe of female warriors in Greek mythology * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon River, in South America * Amazon (company), an American multinational technology company Amazon or Amazone may also refer to: Places South America * Amazon Basin (sedimentary basin), a sedimentary basin at the middle and lower course of the river * Amazon basin, the part of South America drained by the river and its tributaries * Amazon Reef, at the mouth of the Amazon basin Elsewhere * 1042 Amazone, an asteroid * Amazon Creek, a stream in Oregon, US People * Amazon Eve (born 1979), American model, fitness trainer, and actress * Lesa Lewis (born 1967), American professional bodybuilder nicknamed "Amazon" Art and entertainment Fictional characters * Amazon (Amalgam Comics) * Amazon, an alias of the Marvel supervillain Man-Killer * Amazons (DC Comics), a group of superhuman characters * The Amazon, a '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Segmentation
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as ''segments'') based on some type of shared characteristics. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify ''high yield segments'' – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries, while business-to-consumer (B2C) sellers might segment the market into demographic segments, such as lifestyle, behavior, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs. Transaction costs are the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. Therefore, the transaction cost is one of the most significant factors in business operation and management. Oliver E. Williamson's ''Transaction Cost Economics'' popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.North, Douglass C. 1992. “Transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: SAGE Publications. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. Rationality can be used as an assumption for the behaviour of individuals in a wide range of contexts outside of economics. It is also used in political science, sociology, and philosophy. Overview The basic premise of rational choice theory is that the decisions made by individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loss Aversion
Loss aversion is the tendency to prefer avoiding losses to acquiring equivalent gains. The principle is prominent in the domain of economics. What distinguishes loss aversion from risk aversion is that the utility of a monetary payoff depends on what was previously experienced or was expected to happen. Some studies have suggested that losses are twice as powerful, psychologically, as gains. Loss aversion was first identified by Amos Tversky and Daniel Kahneman. Loss aversion implies that one who loses $100 will lose more satisfaction than the same person will gain satisfaction from a $100 windfall. In marketing, the use of trial periods and rebates tries to take advantage of the buyer's tendency to value the good more after the buyer incorporates it in the status quo. In past behavioral economics studies, users participate up until the threat of loss equals any incurred gains. Recent methods established by Botond Kőszegi and Matthew Rabin in experimental economics illustrat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Soft Paternalism
Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea. The term was coined by behavioral economist Richard Thaler and legal scholar Cass Sunstein in a 2003 article in the ''American Economic Review''. The authors further elaborated upon their ideas in a more in-depth article published in the ''University of Chicago Law Review'' that same year. They propose that libertarian paternalism is paternalism in the sense that "it tries to influence choices in a way that will make choosers better off, as judged by themselves" (p. 5); note and consider, the concept paternalism specifically requires a restriction of choice. It is libertarian in the sense that it aims to ensure that "people should be free to opt out of specified arrangements if they choose to do so" (p. 1161). The possibility to opt out is said to "preserve freedom of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affordance
Affordance is what the environment offers the individual. American psychologist James J. Gibson coined the term in his 1966 book, ''The Senses Considered as Perceptual Systems'', and it occurs in many of his earlier essays. However, his best-known definition is taken from his seminal 1979 book, ''The Ecological Approach to Visual Perception'': The word is used in a variety of fields: perceptual psychology, cognitive psychology, environmental psychology, criminology, industrial design, human–computer interaction (HCI), interaction design, user-centered design, communication studies, instructional design, science, technology and society (STS), sports science and artificial intelligence. Original development Gibson developed the concept of affordance over many years, culminating in his final book, ''The Ecological Approach to Visual Perception'' in 1979. He defined an affordance as what the environment provides or furnishes the animal. Notably, Gibson compares an affordance wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
