According to conventional economic theory, individuals decide rationally after carefully weighing the advantages and disadvantages of all available possibilities. Behavioural economics recognises that people's judgments are influenced by their emotions, the world around them, and other factors. By incorporating theories from various disciplines, such as psychology, sociology, politics, neuroscience, and others, behavioural economics complements traditional economics and helps paint a more accurate picture of the economy.
KPMG’s Infrastructure, Public Policy and Strategy team can help you understand the needs of your clients and develop unique business plans and policy solutions. Our team can integrate the relevant aspects of behavioural economics in your policies and strategies to help you come up with new ways to think about the barriers and drivers of your business. KPMG’s Infrastructure, Public Policy and Strategy team can help you influence customers and citizens towards positive, prosocial behaviours, such as eating healthily or more eco-friendly lifestyles.
Why should Behavioural Economics matter to you?
- Behaviour economics changes the way in which a product or service is presented, to make it the more obvious choice for the customer or citizen.
- Behavioural economics can support your marketing efforts by helping you analyse your customer behavioural patterns.
- Behavioural economics can help you understand what motivates consumers to buy one product over another and enhance your product’s or service’s positioning, making it the obvious choice.
Why incorporate insights from Behavioural Economics in your projects ?
- Behavioural economics compliments more traditional methodologies to help you better understand your customers’ decision-making process.
- Behavioural economics helps you drive your customers’ behaviours.
KPMG’s Infrastructure, Public Policy and Strategy team has extensive experience in applying aspects of behavioural economics in policy development and strategy implementation. We can draw on an extended in-house team of professionals, including experts in the fields of psychology and data science, besides economics.
