A study on how to implement behavioural economics in the business world

Abstract

The aim of this report is to provide an overview of the current application of Behavioural Economics, through a clear identification of the challenges as well as the commercial and societal opportunities that it presents. While governments were amongst the first to successfully introduce Behavioural Economics, the adoption into the private sector has been slow. Drawing from some success stories, the analysis provides a plan for the potential implementation of a Behavioural Economics Unit within the Commonwealth Bank of Australia. The paper concludes with an academic discussion of the potential application of Behavioural Economics to the marketing practices of a financial organisation.