How Can Behavioral Economics Contribute to Innovation? 5-Step-Method

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Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
Volume:11 Issue:22
How Can Behavioral Economics Contribute to Innovation? 5-Step-Method

How Can Behavioral Economics Contribute to Innovation? 5-Step-Method

Authors : Mustafa Şeref AKIN

Pages : 507-532

Doi:10.47129/bartiniibf.788249

View : 50 | Download : 11

Publication Date : 2020-11-30

Article Type : Research Paper

Abstract :Behavioral economics has developed as an alternative view of the orthodox economy and has not seen the core stream in the innovation process. However, behavioral economics may actively contribute to new product development through its smart methods. This paper demonstrates how behavioral economics may contribute to the innovation process. The 5-steps method are developed: Business outcomes, personas, user needs, behavioral brainstorming, and hypothesizing. In a class activity, we test the process of learning management systems with students. The behavioral methods are explained. Team members interview with administration, teachers, and students. They provide insights and ideas by realizing how behavioral economics has much to offer a business world in which most management ideas and best practices are freely available to be replicated and exploited. Leaders now look to innovation as the primary source of differentiation and competitive advantage; they would succeed incorporating behavioral economics into the innovative process.
Keywords : Behavioral economics, Design Thinking, Innovation, Education

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