272. iNcentives: The “N” in Behavioral NUDGES (Refreshed Episode)

<p dir="ltr">Today’s episode is all about iNcentives, specifically as they pertain to the concept of NUDGES. This episode first aired as part of a 7-part series I did on NUDGES back in 2019. Why seven parts? Well, “NUDGES” is an acronym for the six types of nudges as introduced by Thaler and Sunstein: iNcentives (which is a bit of a fudge to make it work, but we all forgive them), Understand Mapping, Defaults, Give Feedback, Expect Error and Structuring Complex Choices. That original series included one episode on each, plus an introductory episode into what nudges and choice architecture are to kick things off - so there you have it: seven episodes. </p> <p dir="ltr">This episode on incentives is being refreshed today to help get your brain buzzing on the idea before the wonderful Dr. Uri Gneezy is here on Friday to share about his new book (which just came out today) called Mixed Signals: How Incentives Really Work. It is all about what happens when we mix up our incentives so things don’t work as intended, and what we can do to correct those errors before they happen. </p> <p dir="ltr">Digging in on nudging incentives as it pertains to behavioral economics felt like the perfect way to get you ready and in the right mindset for that episode coming out on Friday. (If you haven’t already subscribed to the podcast, take a moment to do so now!)</p> <h3 dir="ltr">Show Notes:</h3> <ul> <li dir="ltr">[00:38] Today’s episode is all about iNcentives, specifically as they pertain to the concept of NUDGES. This episode first aired as part of a 7-part series I did on NUDGES back in 2019.</li> <li dir="ltr">[03:20] We are inundated with choices in our lives and because our brains are lazy we don’t put in all the effort required to make the best decision every time. Well structured choice architecture can influence the way someone makes a decision and the choice they make. </li> <li dir="ltr">[04:37] Proper incentives can help encourage sales when you understand how they work. </li> <li dir="ltr">[05:11] Good choice architec