Secrets of the Moneylab: How Behavioral Economics Can Improve Your Business

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Taking the findings of behavioral economics from the cocktail party to the boardroom. Experimental economist Kay-Yut Chen leads an economics lab at Hewlett- Packard-the first of its kind at any company. His groundbreaking research into human behavior has turned into tangible results for HP. He has saved the company millions of dollars, simply by explaining why people really do the things they do. MoneyLab offers practical lessons being put to use right now at HP and other leading companies. It explains, for instance, how to: ? Use incentives to influence employees, suppliers, and buyers ? Determine whom to trust, and how much ? Reduce the negative effects of irrational behavior by noticing patterns that don't seem logical ? Take advantage of the human tendency to game the system In the spirit of Predictably Irrational, but with a more practical approach, Chen shows how to translate the findings of behavioral economics into concrete actions to achieve new levels of success.

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Kay-Yut Chen leads Hewlett Packard's experimental economics lab-the first such lab at any company-which he established in 1994 immediately after earning his Ph.D. from Caltech. His research has been used in HP's Consumer Business Organization, Procurement, and several organizations in the printer division. His laboratory designed part of the standard contract between Hewlett-Packard and U.S. retailers like Wal-mart and Best Buy. His work has been featured in Scientific American, Risk Magazine, Newsweek, Financial Times, The Wall Street Journal, BusinessWeek.com, and Portfolio.com. Marina Krakovsky is a journalist who frequently writes on topics at the intersection of science and business. Her credits include Scientific American, Slate, Discover, Psychology Today, O, The Oprah Magazine, The Washington Post, and The New York Times Magazine. --This text refers to the Audio CD edition.