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Daily Archives: February 23, 2016

Guest post: The convergence of behavioral economics and big data

What does cold dead fish have to do with random forests? If you were to open a restaurant that served cold dead fish, you would not stay open for very long. However, if you used the concept of framing and instead sold a delicacy called Sushi, you would have much better chance of staying in business. Framing is a concept in the emerging field of behavioral economics that attempts to understand how people make decisions as well as how to influence those decisions. Other examples include the use of a default preference in order to encourage more people to become organ donors and rearranging the layout of food in a school cafeteria to get kids to eat more healthy fruits and vegetables. Continue reading

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