Definitions
Behavioural science: The study of human decision-making, incorporating insights from behavioural economics, social psychology, and other related disciplines.
System 1 decision-making: As coined by Nobel Prize-winner Daniel Kahneman, this is the term for decision-making that is fast, instinctual and largely unconscious, as opposed to the other method, System 2, which is slower, and requires more mental effort and time.
Choice satisficing: Coined by economist Herbert Simon, this means making a choice based on what is good enough, rather than seeking the best option possible (‘maximizing’), thereby saving cognitive effort (thinking).
Behavioural economics
If you are in business, you are...