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Economics and BI, Part 2


I attended a very interesting keynote address at Predictive Analytics World in San Francisco, February 2009, entitled The Unrealized Power of Data by Andreas Weigend, former Chief Scientist of Amazon.com. As noted in an earlier blog, Weigend's a big proponent of applying scientific principals to facilitate business learning. He's also keen on social or viral marketing, the end goal of which is to evolve CRM to CMR – customer managed relationships. When asked at the end of his talk to recommend a source for BI inspiration, Weigend didn't hesitate, touting Dan Ariely's best-selling book on behavioral economics: Predictably Irrational, The Hidden Forces That Shape Our Decisions. Weigend also enthused on the possibilities of predictably irrational meeting social data in a blog opinion

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Comments (2)
Great post. The behavioral economics has been providing important guidelines for the implementation of BI nowadays.
Posted by Eliseu C | Tuesday, July 14 2009 at 9:57AM ET
There always seems to be a combination of rational and irrational thinking - and economics does assume rationality in the extreme. Interesting the muttering one hears these days about the recession - and whether the press has been fanning the flames by presenting many of the tougher-case stories. And also, the clear evidence that folks with solid jobs, solid savings and good incomes jumped on the recession bandwagon and slowed spending considerably when they hadn't a real need to... There's also the question as to whether what seems irrational just misses looking at the right set of data points too?
Posted by Marcia E | Monday, July 20 2009 at 10:21AM ET
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