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I tend to think this is perfectly correlated with the rise of Big Data. Just as banks scored your likelihood to repay a loan based on your past behavior, market
by mcrad 8y ago
I tend to think this is perfectly correlated with the rise of Big Data. Just as banks scored your likelihood to repay a loan based on your past behavior, marketeers want to score your economic value based on the same and more (transaction history + whatever personal data history assumed to be relevant). I suppose this doesn't follow the real definition of behavioral economics but it sure seems related - like let's hire a data science expert to write economic models on consumer behavior(?) In short, this field is popular because it gives power to the internet Giants.
- gowld 8y agoIsn't that regular economics? Big Data marketers don't care about understanding psychology, they just care about what generates conversions. "Big data" means you make decisions automatically from data without forming theories, since you have plenty of signal.
- mcrad 8y agoMicro-economics. I suppose the point is if you aren't applying expertise in psychology then it's not "behavioral"; however, big data is essentially the push to model your behavior to greater level of precision (nano-economics?). I don't see how signal:noise ratio fits in at all.