Apply relevant behavioural economics theories and concepts to a specific practical problem that an organisation of ownchoice (either in the private or public sector) is facing. Show how these theories and concepts explain or predict the human behaviour and decision making involved in the problem. What solutions would suggest based on one analysis? How would oneverify whether one solutions are appropriate?

Here are the steps suggest to follow to address the above:

1. Pick an organisation and identify a particular problem they want to address. The problem needs to be appropriate to behavioural economics, i.e. its theories, concepts and methods.

2. After identifying and explaining the problem, consult the behavioural economics theories and concepts one have learned and apply the relevant one(s) to make sense of the problem. Can these explain or predict the behaviour of people involved in the problem?

3. After this analysis, one should be in a position to suggest appropriate solutions that the organisation can implement to solve the problem.

4. Finally, briefly comment on how a consultant (like oneself) may go about testing whether the proposed solutions would work in practice.

Include referencing

Answer rating: 100% (QA)

1 Problem Identification Organization CocaCola Company Problem CocaCola is facing a challenge with increasing consumer preference for healthier beverage options over sugary carbonated drinks like soda ... View the full answer