In this episode of The Brainy Business podcast, Melina Palmer has the incredible honor of speaking with Dr. Richard Thaler and Dr. Alex Imas, co-authors of the newly reimagined edition of The Winner's Curse. This episode marks a significant milestone in behavioral economics, as Richard Thaler, a Nobel Prize-winning economist and one of the field's pioneers, shares insights into decision-making, choice architecture, and the importance of recognizing anomalies in our choices.

Together with Alex, a behavioral economist and professor at the University of Chicago, they discuss the evolution of behavioral economics, the updates included in the new edition of The Winner's Curse, and the relevance of their findings in today's world. Listeners will gain a deeper understanding of how even the most informed individuals can fall into decision-making traps and how concepts like the winner's curse and mental accounting manifest in real-world scenarios, from auctions to the stock market.

In this episode:

• Learn about the significance of recognizing anomalies in decision-making.
• Discover the evolution of The Winner's Curse and its relevance today.
• Explore the impact of behavioral economics on real-world applications, such as auctions and market behavior.
• Understand the implications of AI on consumer behavior and business strategies.
• Reflect on the long-term value of building trust and relationships in business.

Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/543.

Looking to explore applications of behavioral economics further?

• Learn With Us on our website.
• Subscribe to Melina’s Newsletter Brainy Bites.

Let’s connect:

• Send Us a Message
• Follow Melina on LinkedIn
• The Brainy Business on Youtube
• The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer welcomes Mark C. Crowley, author of The Power of Employee Well Being. This enlightening conversation explores the critical shift from traditional engagement metrics to prioritizing employee well-being as a strategic imperative for leaders. Mark shares compelling insights drawn from decades of research, including a pivotal study involving 17 million workers from the University of Oxford, demonstrating that well-being is directly linked to profitability, retention, and long-term performance.

Listeners will discover why many engagement initiatives fail and how to cultivate a true sense of psychological belonging within teams. Mark provides actionable, science-backed strategies for fostering emotional safety, recognizing unseen stressors, and making daily choices that genuinely support employees. This episode encourages leaders to reflect on their own practices and consider how they might be unintentionally signaling that well-being is optional rather than essential.

In this episode:

• Understand the distinction between employee engagement and well-being and why it matters.
• Explore the importance of real-time feedback and pulse surveys in gauging employee sentiment.
• Learn practical strategies to foster emotional safety and support within teams.
• Discover the impact of leadership styles on employee well-being and performance.
• Gain insights into the significance of positive reinforcement and recognition in the workplace.

Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/541.

Looking to explore applications of behavioral economics further?

Learn With Us on our website.

Subscribe to Melina’s Newsletter Brainy Bites.

Let’s connect:

• Send Us a Message
• Follow Melina on LinkedIn
• The Brainy Business on Youtube
• The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Henry Stott, co-founder of Dectech, to discuss the nuances of business experimentation and how to better predict customer behavior. Henry shares insights from his extensive experience in applying behavioral economics to commercial challenges, emphasizing the importance of context and delivery in experiments. He highlights the pitfalls of relying on sanitized test environments that may not accurately reflect real-world pressures faced by consumers.

Listeners will gain a deeper understanding of the two classes of problems in consumer behavior, precedented and unprecedented, and learn how to design smarter trials that yield actionable insights. The conversation dives into compelling case studies, including a project with Deliveroo that optimized their subscription model and another with Lloyds Bank that significantly improved their online home insurance renewal process.

As you tune in, consider how your own business decisions might be influenced by misleading data or assumptions about customer experiences. Henry’s expertise encourages a critical evaluation of the behavioral nudges you implement and how they might perform under real-world conditions.

In this episode:

• Understand the importance of context in business experimentation.
• Explore the difference between precedented and unprecedented consumer behavior problems.
• Learn how to design effective trials that predict customer behavior accurately.
• Discover the impact of behavioral nudges and when they may need to be simplified.
• Gain insights from case studies with Deliveroo and Lloyds Bank on optimizing customer journeys.

Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/540.

Looking to explore applications of behavioral economics further?

Learn With Us on our website.

Subscribe to Melina’s Newsletter Brainy Bites.

Let’s connect:

• Send Us a Message
• Follow Melina on LinkedIn
• The Brainy Business on Youtube
• The Brainy Business on Instagram