In conclusion, my behavioral economics view, applied to 21st-century new technology development, would emphasize that technological progress is not merely a function of engineering prowess or market efficiency. Instead, it is deeply intertwined with human psychology, cognitive biases, social dynamics, and emotional responses .
Understanding these behavioral aspects allows for a more nuanced explanation of why certain technologies flourish while others falter, and provides valuable insights for innovators, policymakers, and consumers alike in navigating the complex landscape of modern technological advancement .
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John Lok
JOHN LOK, Behavioral Economist
I had graduated business Administration Science Degree in Common Wealth Open University. MY behavioral economics view would likely underscore the importance of how new technologies are "framed" and how users are "nudged" towards certain behaviors. The way information about a new technology is presented can significantly alter its perceived value and desirability For example, highlighting the environmental benefits of an electric vehicle (positive framing) might be more effective than emphasizing the cost savings (rational framing) for certain consumer segments
