Behavioral Economics and Marketing

Marketing theorists readily recognise economics and in particular microeconomics as one of the key disciplines forming the foundations of marketing theory and applications. It should thus not come as a big surprise to hear that this carries over to the new economic behaviorism. In many ways, behavioral economics is conceptually closer to marketing than many strands in conventional microeconomics. Still, it is useful to have this spelled out and developed at some level of detail by the , with a particular emphasis of making insights from behavioral economics useful to advertising campaigns. For earlier initiatives along related lines, see for example Goldstein et al (2008) in the Harvard Business Review Magazine. An interesting recent paper by Young and Caisey (2010) seeks to deepen those links further by setting out a behavioral economics informed social marketing programme to reduce car ownership and use as a means of combatting anthropogenic climatechange as well as obesity.

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