How to bring behavioral economics to company business


The Rise of the Chief Behavioral Officer

Waiting is frustrating. People like to know when things will happen. Uncertainty about when the wait will end is made worse by humans’ poor ability to forecast the future and evaluate the past — for instance, on average, people overestimate how long they’ve waited in line by some 36 percent. For decades, companies have worked to solve the problem of waiting, but only recently have those solutions brought big benefits to customers. Amusement parks like Disney were early pioneers — knowing that long lines were intimidating, they broke them apart into short segments that worked their way around in a maze, each segment out of sight of the next. ….[READ]


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