Business Economics and Public Policy

Columbia University’s Center for Decision Sciences Gives Retailers Valuable Insights into What Drives Consumer Spending Habits

Decision Science News | February 8, 2018

CDS director Eric Johnson talks with Deal Crunch about the research that the center does on consumer decisions.

Topics: Business Economics and Public Policy, Marketing | Read Article

The mystery of the missing airfare

Decision Science News | January 18, 2018

CDS director Eric Johnson discusses bait-and-switch airline fares.

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Can we design a better fuel economy label?

Decision Science News | May 3, 2017

Transportation contributes approximately 26 percent to greenhouse gas emissions. As a result, governments around the world are looking for ways to increase consumers’ use of fuel-efficient vehicles. One of the most straightforward ways to provide this information is in the form of labels. In the United States, the so-called Monroney sticker – named after an Oklahoma senator who sponsored a law to disclose more vehicle information to consumers – is the label required to be displayed in all new automobiles, which describes various fuel economy metrics.

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Alleviating poverty through trust

Decision Science News | April 25, 2017

More than 1.5 billion people live in extreme poverty worldwide, and even in the relatively wealthy US, 14 per cent live below the poverty line. People in poverty make more “myopic” or short-term decisions rather than forward-looking decisions that could improve their situations.

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How Trump’s budget proposals could impact millions of women

Decision Science News | March 17, 2017

Do cuts in President Donald Trump’s proposed budget hurt women more than men? Advocates for women’s issues say yes. Trump released a “blueprint” for the country’s 2018 budget on Thursday, which includes large increases in defense spending and immigration enforcement and cuts to programs including the Labor Department’s Senior Community Service Employment Program, and cuts in funding for National Historic Sites and the Department of Housing and Urban Development affordable housing programs.

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Want To Know What Your Brain Does When It Hears A Question?

Decision Science News | February 21, 2017

What color is your house? After reading that question, what were you thinking about? The obvious answer is the color of your house. Though this exercise may seem ordinary, it has profound implications. The question momentarily hijacked your thought process and focused it entirely on your house or apartment. You didn’t consciously tell your brain to think about that; it just did so automatically. Questions are powerful. Not only does hearing a question affect what our brains do in that instant, it can also shape our future behavior.

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It's hard to affect policymakers with climate science information

Decision Science News | February 17, 2017

Exposure to climate models' predictions affects policymakers and climate negotiators less than the informed general public, a paper by Valentina Bosetti and co-authors assesses. But the right presentation format can improve forecasts' effectiveness Policymakers and climate negotiators tend to use scientific information in a very conservative way, hardly allowing it to dent their prior beliefs, according to an experiment conducted on a sample of 217 policymakers attending the Paris COP21 conference, more than half of them acting negotiators, including eight heads of delegations.

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How Trump and Clinton Could Still Draw Undecideds off the Sidelines

Decision Science News | October 26, 2016

 Eric Johnson is a member of a group known as the Consortium of Behavioral Scientists, an association of academics bringing insights from the field of behavioral science to the campaign trail.

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Loyola-Chicago conference finds a 'perfect storm' of mental barriers to climate action

Decision Science News | March 31, 2015

At the Second Annual Climate Change Conference at Loyola University Chicago, researchers discussed why it is so difficult to motivate people to undertake climate-friendly behavior changes. Elke Weber, Columbia Business School, discussed the psychological barriers we face when trying to be climate-friendly. These include that our decisions are often guided by emotion, rules and habits, and they often reflect a bias for the status quo.

Topics: Business Economics and Public Policy, Leadership, Strategy | Read Article

Money Challenges (and Advice) for Adults Over Age 55

Decision Science News | March 25, 2015

Older adults have very different money priorities than younger members of their families. Rather than focusing on accruing wealth, older adults should strive to spend less and to plan their estate. A large concern when it comes to these activities is cognitive decline. Eric Johnson, Columbia Business School, says that while cognitive challenges are present in older age, years of collected wisdom can counteract this decline.

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