People, Preferences & Prices: Sequencing the Economic Genome of the Consumer Mind

Abstract

This book explores a variety of topics that fall in the realm of psychological and behavioral economics. It demonstrates to the reader how to perform straightforward experiments in order to understand how people think about the economic aspects of their daily lives. Behavioral economics is a 'hot new area' of economics and consumer psychology. This book provides a comprehensive guide on consumer research and the types of results required. These approaches are spreading further around the globe, thanks to the work of Dr. Howard Moskowitz, one of the authors of this book, and the incredible success of Selling Blue Elephants. In other words, the book is just slightly ahead of a sea change in consumer research, and may be one of the 'tipping points'. (Coincidentally, Malcolm Gladwell, the bestselling author, is a great admirer of Dr. Moskowitz)

Empowering Young Researchers: Cognitive Economics and the Features Associated with Minimum Wage

“…The objective was to see how the different elements would drive the dollar value of the minimum wage. This approach, instructing the respondent to estimate the dollar value of an object or experience, has been previously used in a variety of Mind Genomics studies [11,12], and has been given the name 'Cognitive Economics' [13,14]. Cognitive economics deals with the responses framed in money, rather than in emotion, a contrast between homo economicus versus homo emotionalis.…”