Behavioral Research & Insights  

Our integrated research unit focuses on several primary tasks, in order to deliver innovative solutions of unique nature. Our experts in Behavioral Economics, Behavioral Finance, and Cognitive Psychology keep up to date with the latest insights in this evolving field, allowing us to continuously identify new opportunities. We aim to develop empirical knowledge in order to foster a deeper understanding of human decision-making. Our research team is dedicated to identifying new important challenges and devising sensible approaches towards their solution using existing and new theoretical frameworks. 

Below are some of the research areas our team aims to cover.

Cognitive Psychology

Nudge Theory​.

Introduced by R. Thaler, this theory has been one of the most influential works of behavioural economics, earning Thaler a 2012 Noble Prize. This theory is concerned with indirect guidance and influence of human behaviour, which, remarkably, is already widely present in today's economy. See our latest published research on Apple and Nudge Theory here.

Prospect Theory.

 

In 2002, two of the most famous economic theorist devised a new framework, in which they defined some of the deviations of Classical Theory of Economics from the real-life. As was shown, these deviations proved to be significant and very quickly, Prospect Theory – dealing with uncertainties of human decisions – became one of the founding theories of Behavioural Economics. [show how it's related to u]

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Nudge Theory

Nudge Theory, tied to the names of Richard Thaler and Cass Sunstein, has been one of the most influential works in Behavioral Economics, earning Thaler the 2017 Nobel Prize. This theory is concerned with indirect guidance and influence of human behavior, which, remarkably, is already widely present in today's economy. Governments, mainly in Britain and the United States, as well as international bodies, such as the United Nations, have created nudge units and began to implement nudge policies. 

Cognitive Psychology

Cognitive Psychology is a broad scientific discipline studying mental processes and human reaction to external stimuli. This discipline is concerned with the human mind and what mediates certain behavior through our thought-processes: how we take in information, how we process that information, and how we react to a given input. The study of cognitive psychology is essential to better understand complex processes behind decision-making, and why people choose certain options. 

Heuristics and Biases 

Ever since Herbert Simon introduced the concept of bounded rationality, we have acknowledged the human limitations of rational decision-making. The so-called heuristics – mental shortcuts or rules of thumb – are an essential mechanism by which people make day-to-day choices (especially when faced with complex problems or incomplete information). Their main function is to ease the process for the decision-maker; however, they can often lead to systematic errors or cognitive biases. 

Risk & Economic Uncertainties

Risk and economic uncertainties are present in everyday life and are particularly important in high-involvement and complex decisions. Prospect Theory, a model devised by Daniel Kahneman and Amos Tversky, describes how people behave under such conditions. The theory holds three central ideas: 1) people evaluate outcomes compared to a reference point, 2) people are risk averse when it comes to gains and risk seeking when it comes to losses, and 3) people are bad at probabilities. Prospect Theory is considered a seminal step in Behavioral Economics, for which Kahneman was awarded the Nobel Prize in 2002. ​

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Tel:  +36 30 284 0599

info@behive.consulting

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