Secrets of the Moneylab: How Behavioral Economics Can Improve Your Business (Your Coach in a Box)

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9781596595347: Secrets of the Moneylab: How Behavioral Economics Can Improve Your Business (Your Coach in a Box)
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Taking behavioral economics from the cocktail party to the boardroom, with dramatic results

Books like Predictably Irrational and Nudge have brought behavioral economics into the mainstream. But while we all marvel at how different-and weird-real people behave compared to the "rational actors" of traditional economics, in the end we go back to business as usual. After all, what do a few laboratory experiments have to do with making a buck?

As economist Kay-Yut Chen has shown, quite a bit. Chen started behavioral economics research at Hewlett-Packard, founding the first such "moneylab" at any company, let alone one in the Fortune 500. His groundbreaking research into human behavior has led to tangible results for HP. In fact, he has saved the company millions of dollars by showing how changing the right conditions can make people behave very differently.

Secrets of the Moneylab offers practical lessons being put to use right now at HP and other leading companies. It explains, for instance, how to:
* Use incentives to influence employees, suppliers, and buyers.
* Determine whom to trust, and how much.
* Reduce the negative effects of irrational behavior by noticing patterns that don't seem logical-but are utterly predictable.
* Overcome the human tendency to game the system.
* Profit from motives beyond money.

Chen and science writer Marina Krakovsky reveal in plain English how to translate the counterintuitive findings of behavioral economics into concrete action steps for businesses of any size. Secrets of the Moneylab shows how tackling your real-world problems like a scientist can open up entirely new realms of possibility and profit.

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About the Author:

Kay-Yut Chen leads Hewlett Packard's experimental economics lab-the first such lab at any company-which he established in 1994 immediately after earning his Ph.D. from Caltech. His research has been used in HP's Consumer Business Organization, Procurement, and several organizations in the printer division. His laboratory designed part of the standard contract between Hewlett-Packard and U.S. retailers like Wal-mart and Best Buy. His work has been featured in Scientific American, Risk Magazine, Newsweek, Financial Times, The Wall Street Journal, BusinessWeek.com, and Portfolio.com.
Marina Krakovsky is a journalist who frequently writes on topics at the intersection of science and business. Her credits include Scientific American, Slate, Discover, Psychology Today, O, The Oprah Magazine, The Washington Post, and The New York Times Magazine.

Review:

"What can a bunch of college kids playing games in a lab tell us about risk management or compensation plans? A lot, as it turns out. Using laboratory science, field experiments, and examples from well-known companies, Chen and Krakovsky reveal the secrets of how to apply the scientific method to your business practices."
-Daniel H. Pink, author of Drive and A Whole New Mind

"Marina and Kay-Yut show how businesses can understand irrational behavior and, more important, use this understanding to create better practices."
-Dan Ariely, author of Predictably Irrational, and The Upside of Irrationality

"It's astonishing that Chen's small laboratory experiments can have such enormous implications for major corporations and small businesses alike, but the results speak for themselves. Any smart business needs a 'moneylab' of its own."
-Ori Brafman, author of Sway and Click

"Of the many recent books on behavioral economics (including my own), none are as effective or insightful as Secrets of the Moneylab in applying the findings from this relatively new and innovative science to the practical world of business. Chen and Krakovsky take you to the front lines of research revealing what people actually do-instead of what theory says they should-and explain how you can put that research to good use in your own business. Every chapter is a gem of practical wisdom grounded in solid science. Read it and be prepared to change your approach."
-Michael Shermer, publisher of Skeptic, columnist for Scientific American, and author of The Mind of the Market

"Experimental economics methods give corporations an inexpensive tool for avoiding costly mistakes. Chen understands how to put the science to work and the value of doing so."
-Charles R. Plott, Edward S. Harkness Professor, of Economics and Political Science, California Institute of Technology

"Secrets of the Moneylab is an entertaining introduction to the economic principles of risk, choice, trust, and consumer behavior."
-Preston McAfee, vice president and research fellow, at Yahoo! Research and author of Competitive Solutions

"This is a well-written book that clearly articulates the value that experimental economics brings to businesses."
-Bernardo Huberman, Senior HP Fellow and Director of the Social Computing Lab at HP Labs

"This is a brilliant book. It shows you how to apply powerful behavioral economics methods to revolutionize the way you run your business. It is a must- read for any scientifically-minded manager".
-Teck-Hua Ho, William Halford Jr. Family Professor of Marketing, Haas School of Business, University of California, Berkeley

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9781591843542: Secrets of the Moneylab: How Behavioral Economics Can Improve Your Business

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Book Description Gildan Audio, United States, 2010. CD-Audio. Condition: New. Unabridged. Language: English . Brand New. Popular books on behavioral economics such as Predictably Irrational and Nudge have shown us that people aren t rational. But irrational doesn t mean irregular: in fact, modern science has shown time and again that our behavior, strange as it sometimes seems, follows predictable patterns. Just as the physical world is governed by gravity, electromagnetism, and other invisible forces, so human behavior is guided by a set of forces that we can t see but whose evidence is all around us. Now a pioneering Hewlett-Packard economist describes fascinating experiments into human behavior and offers practical lessons being put to use right now at HP and other leading companies. Using examples as timely as the auto industry bailout, it tackles key issues such as: - How managers can use incentives to encourage employees, suppliers, and buyers to take on more risk in line with the company s goals - How to reduce the negative effects of irrationality on the part of employees and customers by paying attention to patterns in decision making-even when they don t, at first glance, make sense. - How to take advantage of the human tendency to game the system and skirt the rules to their own benefit. Seller Inventory # AAC9781596595347

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Book Description Your Coach In A Box. No binding. Condition: New. 8 pages. Dimensions: 5.8in. x 5.3in. x 0.8in.Popular books on behavioral economics such as Predictably Irrational and Nudge have shown us that people arent rational. But irrational doesnt mean irregular: in fact, modern science has shown time and again that our behavior, strange as it sometimes seems, follows predictable patterns. Just as the physical world is governed by gravity, electromagnetism, and other invisible forces, so human behavior is guided by a set of forces that we cant see but whose evidence is all around us. Now a pioneering Hewlett-Packard economist describes fascinating experiments into human behavior and offers practical lessons being put to use right now at HP and other leading companies. Using examples as timely as the auto industry bailout, it tackles key issues such as: How to reduce the negative effects of irrationality on the part of employees and customers by paying attention to patterns in decision making-even when they dont, at first glance, make sense. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Audio CD. Seller Inventory # 9781596595347

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