Behavioral economics looks at how people make decisions about what they’ll buy and how much they’ll pay. it examines what influences our choices for purchasing everything from laundry detergent to airline tickets.
Perhaps the most surprising aspect of behavioral economics is that it runs counter to what you may have learned about economics in school. The reality is that buyers don’t always behave as they should in a marketplace based on pure supply and demand. Rather, we allow other factors to drive our decisions.
The Traveler Management Survival Guide details how to strengthen your travel program by influencing travelers.