We lean on how something feels when making a fast judgment.
More quotes“Behavioural economics” is a wonderfully revealing label. It suggests ordinary economics had somehow been studying transactions performed by decorative urns.
Models must simplify. Trouble begins when simplification acquires moral authority and real customers are blamed for failing to resemble it. The cheapest subscription should win, yet people pay more for the provider they trust. An unused gym membership looks like pure waste, while its owner may be buying optimism, identity and the recurring possibility of becoming virtuous next Monday. A default alters selection despite leaving prices and products untouched.
These are the market, not charming exceptions surrounding it. Emotion, habit, social meaning and limited attention participate in value whether the spreadsheet has columns for them or not. The danger then swings the other way: every surprising result attracts a clever psychological fairy tale. Behavioural language can become astrology for marketers who stopped testing.
Start with the rational model. Then investigate where real choices depart, under time pressure and in context. What feels safe? What can be explained at home? What does the transaction say about the buyer? Evidence still rules; it simply needs collecting in the universe customers occupy. Expecting humans to behave like cells achieves clerical science fiction, not rigour.