Lok's methodology for applying behavioral economic theory to organizational strategy involves several key areas:
My opinion, as expressed in his writings, centers on the idea that understanding these behavioral nuances is essential for evaluating consumer decisions, predicting market dynamics, and formulating effective economic policies .
This book aims to bridge the gap between theoretical economics and practical applications by analyzing how individual and collective behaviors impact economic growth or recession at both macro and micro levels . For instance, my view explores how factors like time can influence consumer preferences and purchasing choices, and how e-commerce, as a human network, contributes to economic shifts .
Furthermore, my view anticipates the application of artificial intelligence to enhance predictions of consumer behavior and optimize pricing strategies for increased sales . My contributions to behavioral economics cover topics such as cognitive biases (e.g., overconfidence, loss aversion), market behavior, and policy recommendations that leverage behavioral insights to improve economic outcomes across various sectors, including health, insurance, and multinational corporations .
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John Lok
JOHN LOK, Behavioral Economist
I had graduated business Administration Science Degree in Common Wealth Open University.
My view explains organizational economic behavior by integrating principles of behavioral economics with traditional economic theories to understand how psychological factors influence economic decision-making within organizations and broader society . My work emphasizes that human behavior, often driven by cognitive biases and emotional influences, plays a crucial role in shaping economic outcomes, contrasting with neoclassical economics' assumption of purely rational actors .
