Behavioral Economics and CRM: Improved Prediction of Customer Behavior

Herbert Bucheli ()
Additional contact information
Herbert Bucheli: Viseca Payment Services SA

A chapter in CRM Goes Digital, 2025, pp 291-302 from Springer

Abstract: Abstract Behavioral economics is a research field that studies decision-making behavior in real decision-making situations. Our decisions are not always as rational as we believe; very often they are irrational, i.e., they contradict the predictions of the standard model of homo economicus. However, there are also generally valid patterns behind irrational behavior, meaning that irrational decision-making behavior can also be predicted. This chapter provides a brief overview of behavioral economics and links its approaches with predictive modeling methods. This enables the modeling and forecasting of customer behavior in new decision-making situations, such as the acceptance of new products or services, and thus helps to derive optimal courses of action.

Date: 2025
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-658-45798-3_22

Ordering information: This item can be ordered from
http://www.springer.com/9783658457983

DOI: 10.1007/978-3-658-45798-3_22

Access Statistics for this chapter

More chapters in Management for Professionals from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().