New Books in Economics

Today I talked to Melina Palmer about her book What Your Customer Wants and Can’t Tell You: Unlocking Consumer Decisions with the Science of Behavioral Economics (Mango, 2021)

Once you realize that the average person makes 35,000 decisions a day, it makes total sense that habits drive 95% of our behavior. Otherwise, we’d become paralyzed with analysis paralysis in trying to choose what to do next. As Melina Palmer fully recognizes, behavioral economic principles help to unlock the mystery of why people do things that seem so confounding. How could it be, for instance, that giving the gift of two mints with your check in the restaurant can lead to a 14% increase in the average tip for the waiter? Well, gratitude—the principle of reciprocity—weighs in. From the difference between satisfaction and delight to what the peak/end rule can make a small business more prosper if used well, this is both a fun and meaningful episode.

Melina Palmer is the founder and CEO of the Brainy Business and hosts the podcast by that same name. She received a Masters in behavior economics from the Chicago School of Professional Psychology, teaches at the Texas A&M Human Behavior Lab, and writes a column for Inc. magazine.

Dan Hill, PhD, is the author of ten books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His newest book is Emotionomics 2.0: The Emotional Dynamics Underlying Key Business Goals. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com.

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