This morning I attended the opening seminar of the first Nudgeathon held in Kuwait. Nudgeathons are 2-day events where teams find solutions to real-world challenges that are rooted in human behavior. I need to read more about the history of behavioral economists, since I'm not too familiar with how it began and who the prominent thinkers are (although the books Nudge by Richard Thaler and Thinking, Fast and Slow, but Daniel Kahneman, were mentioned a few times).
The presentation was given by Warwick Business School professor Ivo Vlaev, and it offered an extremely interesting model that sums up the primary ways in which our decisions are influenced by our environments, and how we can use this knowledge to encourage positive behaviors, such as making better health choices or improve our financial planning.
The model is called MINDSPACE, an acronym, which stands for the different ways in which human behavior can be influenced. The ways are:
To learn more about each of these factors, you can read the MINDSPACE report.
I was familiar with the role our environments play in our decision-making, but the event offered some encouraging case studies, useful reminders, and a great model to help me organize the ideas into a practical approach to follow.