Behavioral Economics Workshops
Workshops are designed to provide learners the theoretical, foundational, and scientific thinking elements of Behavioral Economics. They provide strategic innovation from the BE discipline and are coupled with practical knowledge to help leaders understand how to implement BE.
BE 101: Our most popular workshop provides an overview of BE, reviews the foundational theories that have shaped the field, explores what it means to think about human behavior scientifically, how to create measures of behavior, explores the science of decision making such as heuristics and biases, leverages the BEworks Interventions Framework which includes nudges and much more.
“This reset my curiosity button, purged many of my unfounded assumptions and rekindled my fascination with the science of marketing.” Philippe Garneau, President, GWP Brand Engineering
“I have a much better understanding/appreciation of how human beings behave irrationaly & can apply the tools and techniques to nudge them towards better outcomes.” Candice Carneiro, Head of Retail Investments Marketing, Manulife Investment Management
Driving Innovation with the BE Method: This workshop is for advanced students of Behavioral Economics who are ready to move into the implementation of Behavioral Economics frameworks and practices in their organization.
Key topics include:
Understanding how the scientific method is core to Behavioral Economics and can serve as the platform for Innovation https://business.financialpost.com/executive/the-best-question-to-ask-your-team-is-how-do-you-know
The proprietary BEworks Method, which has been refined through more than ten years of research and development. The BEworks Method has been used to deliver hundreds of Behavioral Economics projects with Global 1000 companies and governments around the world.
In 2020, this workshop will serve as the companion session to BEworks CEO Kelly Peters book on The Science of Applying Behavioral Economics to Real-World Challenges. This session will only be available in November 2019, before resuming again in March 2020.
BE and Marketing: This workshop is designed to augment existing marketing strategy, challenge the traditional intuition-based approach to marketing and drive innovation through the use of scientific based Behavioral Economics. Through this workshop you will learn the foundational theories of Behavioural Economics, practice leveraging heuristics & biases, and interventions in marketing, explore ethical implications of BE and behavior change for marketers and problem-solve using a behavioral science approach.
This session includes understanding how to optimize the client experience, and provides a look at our thinking on topics such as waiting in line: https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-to-save-money-and-time-at-the-grocery-store/
One of our Case Studies is available in Harvard Business Review Business Case Studies https://hbsp.harvard.edu/product/W17655-PDF-ENG?itemFindingMethod=Search
BE and Loyalty: The concept of customer loyalty traditionally revolves around transactional loyalty. Transactional loyalty has been designed to capture and maintain consumer interest in a product or service based on rewards and incentives. But loyalty can be designed and measured in ways that go beyond transactional loyalty. This workshop explores how these programs can engage customers and the elements and structures (e.g., status, levels, gamification) that should exist when developing and maintaining a customer loyalty program.
BE and HR: Understanding the biases that stand in the way of good hiring practice is crucial to building strong teams with the best talent. This session explores those biases and introduces how debiasing and more importantly, statistical judgment processes, can transform the hiring process. Recruiting challenges are also addressed. Insights from our proprietary work building better hiring solutions will be provided to participants. https://www.moneyballforhiring.com/
BE and Compliance & Risk: This session challenges conventional understandings of what makes people dishonest and uses new strategies to help keep people honest. This session is relevant for legal professionals, policy makers, and business leaders managing compliance departments. This session includes a look at our proprieatary Case Studies developing tools for risk management and worker safety. https://www.prnewswire.com/news-releases/corvex-connected-safety-and-beworks-partner-to-predict-and-improve-worker-safety-300699814.html
BE and Financial Decision Making: This workshop is designed to teach bankers, advisors, and those responsible for consumer financial decision making. This workshop explores the challenges people face with long term savings and investing, managing short term spending, and specific challenges such as understanding insurance and financial planning. This session offers both the biases influencing decision making, but also offers empirically-validated solutions on how to help consumers make better decisions. This session includes an inside look at many of our proprietary Case Studies across multiple challenges in financial services.
Our thinking on the role of Behavioral Scientists in wellness plan design: https://www.benefitscanada.com/news/why-you-should-hire-a-behavioural-scientist-132402
Our thinking on the role of Ritual in increasing contributions to savings plans: https://www.benefitscanada.com/news/rituals-touted-as-a-creative-way-to-encourage-dc-members-to-save-more-104700
BE and Investment Decision Making: This workshop is designed to teach advisors how to help investors navigate volatile markets using science and behavioral economics. This workshop explores how markets cause investors to react, highlights behavioural segments rooted in different investor bias, and offers empirically validated solutions on how to nudge investors based on their behavioral segments.
This course includes a look at our proprietary Case Studies for:
The Ontario Securities Commission (https://www.osc.gov.on.ca/documents/en/Securities-Category1/sn_20170329_11-778_behavioural-insights.pdf)
IFIC (Investment Funds Institute of Canada) https://www.ific.ca/en/news/ific-and-beworks-release-behavioural-economics-research-report/ As regulators aim to improve investor outcomes with initiatives such as the client-focused reforms, measuring the success of regulation already in place can identify areas for improvement. A new report from the Investment Funds Institute of Canada (IFIC) and BEworks sheds light on the success of CRM2 disclosure and offers suggestions for better investor outcomes
Manulife Investment Management https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-financial-firms-focused-on-investors-behavioural-tendencies/ “Behavioural economics helps us understand why investors make irrational decisions,” says Catherine Milum, head of wealth sales, retail markets, at Manulife Investment Management. “We’re starting to have different conversations about investor behaviour and how we can help.
Our research on Investor Risk Appetite: https://beworks.com/assets/pdfs/BEworks_Financial_Sector_Report.pdf and discussed in the industry publication Advisor https://www.advisor.ca/my-practice/conversations/why-risk-assessments-should-be-at-the-centre-of-client-relationships/
BE and Risk Management: Knowing the correct course of action - staying the course, change directions, or stopping - is a process more difficult to make than meets the eye. The multiple biases can skew the proper assessment of risk and the over and under-estimation of risk capabilities make the job of risk management more complex than ever. This workshop offers insight into how to approach risk management using behavioral economics.
We also provide this course in partnership with the leading financial training institute serving LATAM, RiskMathics. https://www.riskmathics.com/programa/behavioral-economics-for-risk-managers-and-traders/
BE and Collections: Behavioral Economics can be used to augment or replace traditional collections methods. This workshop identifies the psychological and behavioral drivers of debt, and the strategies that capitalize on the predictable patterns of human behavior to improve collections performance. The workshop highlights the behavioural solutions to optimize existing collections communications across channels and the experimental data demonstrating scientific impact on accounts receivables. We provide an inside-look at BEworks proprietary Case Studies including how we have optimized collections without sacrificing brand. One of our projects is featured in this peer-reviewed paper: https://onlinelibrary.wiley.com/doi/full/10.1002/jcpy.1031 and is also featured in Forbes: https://www.forbes.com/sites/elizabethharris/2017/03/31/a-better-way-to-collect-bills-from-customers-without-alienating-them/#6d2d8e6e2c2f
ENERGY, MOBILITY, AND SUSTAINABILITY
BE & Energy, Mobility, and Sustainability: These special topic workshops have been provided to utilities leaders, transportation authorities and manufacturers, and policy makers around the world. Understanding how to overcome barriers such as “the say-do gap,” behavioral responses such as reactance and diffusion of responsibility, and biases such as overconfidence bias are crucial in helping leaders solve some of society’s most complex challenges:
What tools can governments use to promote responsible citizen behaviour when traditional approaches like incentives, disclosures, and education fail to work?
How do we break through the noise and get customers to attend to environmental messages?
How do we help people to understand complex but important information?
How can we drive ongoing conservation behaviours?
These sessions include a look at our proprietary Case Studies, including work in the Energy sector (e.g. time-of-use compliance, pricing program design, and optimizing peak energy pricing program adoption), Smart Cities (e.g. understanding barriers to Smart Cities technologies), and Transportation challenges (e.g. multi-modal transit, hybrid and EV adoption, transit fare evasion).
Proprietary Case Studies include our work for the Ontario Energy Board, https://www.oeb.ca/oeb/_Documents/EB-2004-0205/BEworks_TOU_Report.pdf
Best Practices for Bill Design: https://beworks.com/assets/pdfs/BEworks_Energy_Sector_Report.pdf
The Transport Task Group is a collaborative platform to identify and exchange best practices among G20 countries on the implementation of cost-effective energy efficiency and emission control measures in the transport sector. https://ipeec.org/newsroom/104-webinar-on-behaviour-change-principles-and-actions-in-transportation.html
BE and Healthcare: This special session provides an overview of the types of behavioral challenges that BE has been used to tackle, including but not limited to patient wellness, medication adherence, and the decision-making challenges of treatment plans. We provide an inside-look at BEworks proprietary Case Studies tackling decision aids for doctors, supporting patient decision-making for long-term outcomes, and driving adoption of new medical technologies. https://beworks.com/wp-content/uploads/2019/08/KnowledgeCenterCaseStudy3.pdf
Topics: Other topics may be available upon request.
Languages: All of our workshops are available in English, Spanish, Japanese, and French.
Workshops length: sessions vary from 1/2 day to 3 days.
Certification is available through BEworks Training program.