“Wouldn't economics make a lot more sense if it were based on how people actually behave, instead of how they should behave?” (Dan Ariely, Predictably Irrational)
Markets consist of individual decision makers and are shaped by their behavior. Our Behavioral Science research group strives for a better understanding of the behavior of market participants, consumers and corporate decision makers alike. Our research activities center on the decision-making processes of market participants and how they are changing, with particular focus on the impact of new technologies.
In line with Dan Ariely’s introductory quote, we are interested in how humans actually behave and make decisions under limited time and cognitive resources. This includes studying potential judgmental biases or shortcomings, but also the many clever ways in which human cognition adapts to and exploits information in an ever-changing choice environment. Realistic conceptions of consumer and corporate decision making are a necessary pre-condition for marketing insights to make an impact. Only if we understand the informational needs but also the limits of corporate decision makers, we can make market research results more understandable and powerful. And only if we understand consumer decision processes and needs, can we help to align products, services and stores with consumers’ goals.
We address our research questions with a variety of methods, such as surveys, lab, online and field experiments, observational tools (e.g., face and voice analysis), (re)analysis of existing behavioral datasets, up to sometimes even prototype development. To achieve research excellence across a wide a variety of topics, we cooperate with academic experts in the respective fields. Ultimately, we consider ourselves as an independent source for evidence-based insights about market decisions as well as new tools and methods for gaining such insights. We regularly make our findings and, if applicable, recommendations available to the interested public.
Get to know our researchers