Customers feel better when decisions are made in their favor by a person rather than an algorithm. But why is this the case? A new paper by Wharton marketing professor Stefano Puntoni and colleagues explores the psychological reasons behind customer's positive and negative reactions to decisions made by humans vs algorithms.

Are you someone who loves to solve puzzles, uncover hidden insights, and make informed decisions? If so, then a career in market research might be the perfect fit for you! Market research is a dynamic field that involves gathering and analyzing data to help businesses make informed decisions about their products and services. From identifying consumer trends to developing new marketing strategies, market researchers play a vital role in shaping the success of companies around the world. As a market researcher, you'll have the opportunity to work on a wide range of projects, from conducting surveys and focus groups to analyzing sales data and social media trends. You'll need to be comfortable working with numbers and data, but you'll also need strong communication skills to help you present your findings in a clear and compelling way. One of the most appealing aspects of a career in market research is the variety of specializations available. You could focus on consumer behavior, product development, or even political polling. And with the rise of big data and artificial intelligence, there are even more opportunities to use cutting-edge technology to uncover insights and drive business success. To get started in market research, you'll typically need a bachelor's degree in a related field such as marketing, statistics, or psychology. Some popular undergraduate programs include Marketing Research, Data Science, and Business Analytics. And if you're looking to specialize further, you might consider pursuing a master's degree in market research or a related field. In addition to technical skills, there are a few key personal attributes that can help you succeed in market research. You'll need to be curious, creative, and analytical, with a strong attention to detail and the ability to think critically. And because market research often involves working with clients and stakeholders, you'll need to be a strong communicator with excellent interpersonal skills. The job prospects for market researchers are strong, with a projected growth rate of 18% over the next decade. And because market research is a global industry, there are opportunities to work for a wide range of public and private sector employers around the world. Some notable companies that hire market researchers include Nielsen, Kantar, Ipsos, and GfK. So if you're looking for a career that combines data analysis, problem-solving, and creativity, then market research might be the perfect fit for you. With a range of specializations, strong job prospects, and the opportunity to work on cutting-edge projects, market research is a field that offers endless possibilities for growth and success.

Does money buy happiness? Research shows that, on average, larger incomes are associated with ever-increasing levels of happiness. But the relationship becomes more complex when considering emotional well-being. An adversarial collaboration between researchers from Princeton and Penn universities reconciles contradictory findings and shows that, while most people experience greater happiness with larger incomes, an unhappy cohort in each income group shows a sharp rise in happiness up to $100,000 annually and then plateaus. For everyone else, more money was associated with higher happiness to somewhat varying degrees.

Have you ever wondered how companies decide what products to create or how they determine the best way to market them? The answer lies in the exciting and dynamic field of market research! Market research is the process of collecting and analyzing data to better understand consumer behavior and preferences. It involves studying consumer trends, analyzing data, and interpreting results to help companies make informed decisions about their products and services. Innovations in technology have revolutionized the field of market research, making it more accessible and efficient than ever before. With the rise of big data and artificial intelligence, market research has become an even more exciting and rapidly evolving field. Academic discourse in market research is constantly evolving, with new research and innovative ideas being published regularly. Some notable academic figures in the field include Philip Kotler, who is widely recognized as the father of modern marketing, and Daniel Kahneman, who won the Nobel Prize in Economics for his work on behavioral economics. At the undergraduate level, students can expect to take courses in statistics, consumer behavior, research methods, and marketing. There are also opportunities for further specialization in areas such as social media marketing, data analysis, and market forecasting. Graduates of market research programs can pursue a wide range of careers, including market research analyst, advertising account executive, product manager, and marketing director. Key industries for prospective future employment include advertising, market research firms, and consumer goods companies. Notable employers include Nielsen, Kantar, and Procter & Gamble. To succeed in market research, students should possess strong analytical skills, be comfortable working with data, and have a keen interest in consumer behavior and marketing trends. A background in statistics or mathematics is also helpful. In conclusion, studying market research is an exciting and rewarding path for anyone interested in consumer behavior and marketing. With the potential for further specialization and a wide range of career opportunities, market research is a field that offers endless possibilities for growth and success.

Are you someone who loves numbers, data, and finding patterns in information? Do you have a passion for marketing and want to help companies make better decisions? Then a career in Marketing Analytics might be just what you're looking for! Marketing Analytics is a field that combines data analysis, statistics, and marketing strategy to help companies understand their customers and make informed decisions. By analyzing customer behavior, market trends, and sales data, Marketing Analysts can help companies identify opportunities for growth, improve customer retention, and develop effective marketing campaigns. In this exciting field, you'll get to work with cutting-edge technology and software to analyze data from a variety of sources, including social media, web analytics, and customer surveys. You'll use your analytical skills to identify trends and patterns in the data, and then work with marketing teams to develop strategies that will help companies achieve their goals. As a Marketing Analyst, your duties might include analyzing customer data to identify trends and patterns, developing marketing campaigns based on data insights, and monitoring the effectiveness of marketing campaigns. You might also specialize in areas such as social media analytics, web analytics, or customer segmentation. To become a Marketing Analyst, you'll typically need a bachelor's degree in marketing, statistics, or a related field. Popular undergraduate programs and majors include Marketing Analytics, Data Science, and Business Analytics. Some employers may also require a master's degree in a related field. Helpful personal attributes for success in this field include strong analytical skills, attention to detail, and excellent communication skills. You'll need to be able to work with data and communicate insights to non-technical stakeholders in a clear and compelling way. Job prospects in Marketing Analytics are strong, with many companies looking for skilled analysts to help them make informed decisions. Some notable employers in this field include Google, Amazon, and Facebook, as well as consulting firms such as McKinsey and Bain. With the growing importance of data-driven decision making, the future looks bright for those interested in a career in Marketing Analytics.

In academic settings, arguments are often used to convince others of a particular point of view. However, not all arguments are created equal. The success of an argument depends on understanding the audience's beliefs, trusted sources, and values. Mathematical and logical arguments work well because they rely on shared beliefs, but disagreements that involve outside information often come down to what sources and authorities people trust. When disagreements can't be settled with statistics or evidence, making a convincing argument may depend on engaging the audience's values. The challenge is to correctly identify what's important to people who don't already agree with us. Engaging in discussion and being exposed to counter-arguments can help make our own arguments and reasoning more convincing. By understanding the elements that make arguments successful, students can become more effective communicators and critical thinkers in both academic and real-world settings.

Costly signaling, in which people display their wealth to seem desirable, has been around for a while now! From high-end Rolex watches to modest co-workers, discover how we use wealth, status and behavior to impress others and how game theory explains this seemingly irrational behavior.

Delve into the world of game theory and discover how it revolutionized economics and social organization. John von Neumann and Oskar Morgenstern's groundbreaking mathematical theory, first published more than sixty years ago, has since been widely used to analyze real-world phenomena including arms races, vaccination policy, and even major league baseball salary negotiations. This sixtieth anniversary edition of Theory of Games and Economic Behavior includes an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews from the New York Times and the American Economic Review. Discover the work whose influence will resound for generations to come. Recommended for students of economics, mathematics, political science, and sociology, as well as professionals in the fields of policy-making, game design, and business strategy. This book is also relevant to anyone interested in understanding how mathematical models can be used to analyze complex social phenomena. Whether you are curious about how game theory applies to presidential elections, vaccination policy, or even major league baseball salary negotiations, this book provides a fascinating introduction to the subject. Moreover, the book includes reviews and articles from the time of its original publication, providing readers with a historical perspective on the development of game theory as a field of scientific inquiry.

The concept of the "Prisoner's Dilemma" has been studied for over 60 years for its insights into political, military, and economic affairs. The scenario involves two criminals who must decide whether to cooperate or betray each other, with each facing different consequences based on their actions. This dilemma highlights the conflict between self-interest and cooperation, and how rational individuals acting in their own self-interest can bring about the worst-case scenario. Learning about this concept can help students understand the importance of cooperation and the dangers of solely focusing on individual self-interest. It also has practical applications in fields such as politics, economics, and international relations. By exploring this concept through reading, reflection, and self-directed projects, students can gain a deeper understanding of human behavior and decision-making.

Are you a problem solver? Do you enjoy analyzing data and finding solutions to complex issues? If so, a career in Business Analysis might be perfect for you. Business Analysts work in a variety of industries, from finance to healthcare, and are responsible for helping organizations improve their processes, increase efficiency, and ultimately, their bottom line. They are the bridge between business needs and technology solutions, and play a critical role in ensuring that projects are completed on time and within budget. As a Business Analyst, you'll be responsible for gathering and analyzing data, identifying areas for improvement, and making recommendations to stakeholders. You'll work closely with project managers, developers, and other team members to ensure that projects are completed successfully. There are many areas of specialization within the field of Business Analysis, including data analysis, process improvement, and requirements gathering. Some Business Analysts may also specialize in specific industries, such as healthcare or finance. To become a Business Analyst, you'll typically need a bachelor's degree in a related field, such as business, finance, or computer science. Popular undergraduate programs and majors include Business Administration, Information Systems, and Economics. In addition to formal education, there are several helpful personal attributes that can make you a successful Business Analyst. These include strong analytical skills, the ability to communicate effectively with stakeholders, and a passion for problem-solving. Job prospects for Business Analysts are strong, with the Bureau of Labor Statistics projecting a 14% growth rate for the field between 2018 and 2028. There are many potential employers for Business Analysts, including large corporations, government agencies, and consulting firms. Notable employers include Deloitte, McKinsey & Company, and IBM. In summary, a career in Business Analysis can be both challenging and rewarding. With strong job prospects and a variety of potential specializations, it's a field that's worth exploring if you're interested in using your analytical skills to make a real impact.

Economics is the scientific investigation of how human societies utilize limited resources to satisfy their desires and demands. It offers a comprehensive view of how people, corporations, and authorities determine the most efficient methods of generating, exchanging, and consuming products and services to achieve their objectives. One of the most interesting aspects of Economics is the way it applies to real-world scenarios. For example, how the price of a particular good affects consumer behavior, or how international trade agreements can impact economies on a global scale. This makes it a relevant and meaningful subject to study. The field of Economics is constantly evolving, with new research and innovations being produced all the time. For example, the recent Nobel Prize-winning work of Esther Duflo and Abhijit Banerjee in the area of development economics, which looks at ways to alleviate poverty and improve the lives of people in developing countries. The work of Paul Krugman in international trade and Joseph Stiglitz in information economics are also important contributions to the field. At the undergraduate level, typical majors in Economics include microeconomics, macroeconomics, econometrics, and international economics. These modules provide students with a foundation in economic theory, statistical analysis, and problem-solving. From there, students can specialize in areas such as financial economics, environmental economics, or public policy. A degree in Economics can lead to a wide range of careers in various industries. Some examples of potential jobs include financial analyst, market research analyst, economist, data analyst, and policy analyst. Notable employers in this field include the World Bank, International Monetary Fund, and Federal Reserve. Additionally, many private companies such as Amazon and Google hire economists to help with business strategy and analysis. To succeed in Economics, it is helpful to have strong analytical and problem-solving skills, as well as an interest in current events and trends. Students who enjoy math and data analysis will also find this subject rewarding.

Have you ever been lured into purchasing a product because of a big discount, only to find out that the item was actually overpriced to begin with? This is a common tactic used by companies to manipulate consumer behavior and increase their profits. The concept of consumer product discounting has been studied by leading academics such as Marketing Professor Pradeep K. Chintagunta of the University of Chicago Booth School of Business, who has written extensively on the topic. He explains that companies use discounts to create an illusion of savings and manipulate consumer perception of value. Studies have shown that discounts have a psychological impact on consumers, making them more likely to purchase products that they may not have otherwise considered. In fact, a report by Forbes found that discounts are the most effective marketing tool for increasing sales. However, this can come at the expense of the consumer, who may not be getting the best value for their money. For example, companies may use "dynamic pricing" to adjust the price of a product based on demand. This means that prices may be inflated during peak times, and then discounted to create the illusion of a good deal. This can be seen in the travel industry, where prices for flights and hotels can change multiple times a day. Another tactic companies use is "price anchoring", where they display a high original price for a product, or show prices of alternative products, in order to make the product they are trying to sell seem like a better deal. For example, a retailer may list the original price of a shirt as $100, but offer it for a discounted price of $50. Or, a tech company may display the "basic" version of their anti-malware programme at $20/month and "premium" version at $30/month, making the more expensive version seem like a greater deal for an additional $10/month. Consumers may see this as a great deal, even though they may have never considered purchasing the shirt at the full price or the premium version of the anti-malware programme. It's important to be an informed consumer and to do your research before making a purchase. Check the original price of the product and compare it to prices from other retailers to ensure that you're getting the best value for your money.

Get ready for the future of money! The UK Treasury and Bank of England are exploring the possibility of a digital pound, which could offer a trusted and accessible way to pay in the digital age. While it may use similar technology to cryptocurrencies like Bitcoin, the digital pound would be less volatile and always worth the same as cash. This could lead to a new way of making payments, with varying degrees of privacy for consumers. Don't miss out on this monetary science fiction!

Charitable organizations can increase contributions by simply offering multiple-choice options for donations, according to research by Wharton Professor Alice Moon and Eric VanEpps, marketing professor at the University of Utah. By giving specific amounts to choose from, such as $5, $10 or $50, donors contribute more frequently and feel less pressure to give too much or too little.

Have you ever found yourself struggling to resist the temptation of immediate gratification, even when you know it's not in your best long-term interest? If so, you've experienced the cognitive bias of intertemporal discounting, a fascinating and pervasive phenomenon in human decision-making. Intertemporal discounting is the tendency to place greater value on immediate rewards than on delayed rewards, even if the latter is objectively more significant. This bias can lead to a range of harmful behaviors, from overspending and procrastination to addiction and poor health choices. But why do we succumb to intertemporal discounting, and what can we do about it? One leading theory suggests that our brains are wired to prioritize short-term gains because our evolutionary ancestors needed to survive in a constantly changing and uncertain environment. Another theory suggests that cultural and societal factors, such as advertising and peer pressure, also play a role in shaping our discounting behavior. Regardless of the underlying causes, the consequences of intertemporal discounting are clear. For example, research has shown that people who discount the future more heavily are more likely to be overweight, have lower academic achievement, and experience more financial difficulties. However, understanding and addressing intertemporal discounting is not just important for individuals. It has broader implications for public policy and the economy. For instance, policymakers need to take into account the fact that people often prioritize short-term benefits over long-term costs, which can lead to unsustainable policies and practices. So, what can we do to mitigate the effects of intertemporal discounting? One approach is to increase awareness and education about the bias, so people can recognize when it's happening and make more deliberate, future-oriented decisions. Another approach is to use behavioral interventions, such as rewards and reminders, to nudge people towards more patient and thoughtful decision-making. Leading academics in this field include Nobel laureate Daniel Kahneman, who developed prospect theory, and George Ainslie, who proposed the hyperbolic discounting model. Their research has shed light on the complex and multifaceted nature of intertemporal discounting and its impact on human behavior. By exploring the cognitive bias of intertemporal discounting, you can gain a deeper understanding of human decision-making and learn strategies to make better choices for yourself and for society as a whole.

In the next 20 years, the world will undergo significant changes, and it's essential to understand the academic concepts that will shape our future. The transcript highlights some of the key concepts, including the rise of Africa's economy, China's growing influence, the impact of AI on Europe's financial services, and the increasing value of data. Understanding these concepts will not only help you stay informed but also provide you with practical benefits. For instance, learning about the rise of solar panels could inspire you to explore renewable energy sources, while understanding the value of data could help you develop skills in data analysis. By exploring these concepts through reading, reflection, and self-directed projects, you can become an independent learner who is well-equipped to navigate the changing world.

Economics is the study of how societies allocate resources, and it's a fascinating field that can lead to a wide variety of career paths. If you're interested in understanding how the world works, and how money and resources are distributed, then a career in economics might be perfect for you! As an economist, you'll be responsible for analyzing data, making predictions, and advising businesses, governments, and other organizations on how to make the best use of their resources. You'll use your analytical skills to identify trends and patterns, and your communication skills to explain your findings to others. One of the most appealing aspects of a career in economics is the wide range of potential specializations. You might focus on macroeconomics, studying the overall performance of national or global economies. Or you might specialize in microeconomics, analyzing the behavior of individual consumers and businesses. Other areas of specialization include international economics, environmental economics, and health economics. To become an economist, you'll need at least a bachelor's degree in economics or a related field. Popular undergraduate programs include economics, finance, and business administration. Many economists also go on to earn advanced degrees, such as a master's or doctorate in economics. In addition to a strong educational background, there are several personal attributes that can be helpful for a career in economics. These include strong analytical skills, excellent communication skills, and the ability to work well under pressure. You should also be comfortable with math and statistics, as these are key tools in the field of economics. Job prospects for economists are generally strong, with many opportunities available in both the public and private sectors. Some notable employers include the World Bank, the International Monetary Fund, and the Federal Reserve. Private sector employers might include consulting firms, financial institutions, and multinational corporations. Overall, a career in economics can be both intellectually stimulating and financially rewarding. If you're interested in understanding how the world works and helping organizations make the most of their resources, then economics might be the perfect field for you!

Are you interested in the world of business? Do you have a passion for data and analytics? If so, then the study of Business Intelligence might be the perfect fit for you! Business Intelligence is a field of study that focuses on using data to drive business decisions. It involves collecting, analyzing, and interpreting data to help businesses make informed decisions that can improve their performance and profitability. One of the most interesting aspects of Business Intelligence is the diverse range of industries it can be applied to. For example, healthcare organizations can use Business Intelligence to analyze patient data and improve healthcare outcomes. Retail companies can use it to analyze customer data and improve their marketing strategies. The possibilities are endless! There are many exciting innovations and academic contributions in the field of Business Intelligence. For example, researchers are developing new algorithms and statistical models to help businesses make more accurate predictions and better decisions. Some notable academic figures in the field include Howard Dresner, who coined the term "Business Intelligence," and Thomas Davenport, who has written extensively on the subject. At the undergraduate level, typical majors and modules include data analysis, statistics, and computer science. Students can also specialize in areas such as data mining, predictive analytics, and data visualization. Real-life examples of Business Intelligence in action include Netflix's recommendation algorithm and Amazon's personalized shopping recommendations. A degree in Business Intelligence can lead to a range of exciting career opportunities. Graduates can work as data analysts, business intelligence analysts, or data scientists. Key industries for prospective employment include healthcare, finance, and retail. Some notable employers in the field include IBM, Google, and Microsoft. To succeed in the field of Business Intelligence, it's helpful to have strong analytical and problem-solving skills, as well as an interest in data and technology. A background in computer science or mathematics can also be beneficial. Overall, the study of Business Intelligence is a fascinating and rewarding field that offers endless opportunities for growth and innovation. If you have a passion for data and a desire to make a real impact on the world of business, then this might be the perfect field for you!

Do you struggle to save money, resist impulse purchases, or stick to a budget? You're not alone. Many people find it challenging to make good financial decisions, but what if there was a way to nudge ourselves in the right direction? Enter behavioral design, a field that uses insights from psychology and behavioral economics to create products, services, and experiences that influence our behavior in positive ways. In financial management, behavioral design can be used to help people make better decisions about spending, saving, and investing. One key concept in behavioral design is choice architecture, which refers to the way options are presented to us. For example, research shows that people are more likely to save money when they are automatically enrolled in a savings plan than when they have to opt-in. Similarly, offering multiple payment options (e.g., credit card, debit card, cash) can encourage people to spend more than if only one option is available. Another important concept is mental accounting, which refers to the way we categorize and prioritize our money. For example, people tend to treat windfall money (e.g., a tax refund) differently than earned money (e.g., a paycheck). Behavioral design can help us leverage these mental accounting tendencies to make better financial decisions. Leading academics in the field of behavioral design, such as Richard Thaler and Cass Sunstein, have written extensively about these concepts and their applications. Thaler, in particular, was awarded the Nobel Prize in Economics in 2017 for his work on behavioral economics. But it's not just academics who are using behavioral design to improve financial management. Companies like Acorns and Digit use behavioral design to encourage saving and investing, while apps like Mint and YNAB use it to help people budget and manage their money more effectively. By exploring this topic further, you can gain a better understanding of how behavioral design can be used to improve financial decision-making and potentially apply these insights to your own life.

The Prisoner's Dilemma is a classic problem that can shed light on a range of real-world phenomena. In this dilemma, two people face a choice: cooperate and both do well, or fail to cooperate and both do worse. Understanding this dilemma can help you see how cooperation is key to solving complex problems, from overfishing to pollution to creating just societies. By exploring the underlying structure of this problem, you can gain insight into the benefits of cooperation, and how to approach complex situations where your choices impact those around you. Learning about the Prisoner's Dilemma can help you become a better problem solver, both intellectually and practically, by equipping you with the tools you need to think critically and work collaboratively with others.