In this episode of The Brainy Business podcast, Melina Palmer welcomes Nick Epley, a professor of behavioral science at the University of Chicago's Booth School of Business. Together, they explore the profound impact of everyday interactions and the often-overlooked value of connecting with others, even in brief exchanges. As loneliness reaches epidemic levels, Nick shares his insights on how simple gestures like saying hello or offering a compliment can significantly enhance our well-being and foster a sense of belonging. He discusses the psychological barriers that prevent us from engaging with others, revealing how our assumptions about social interactions often lead us to underestimate their positive effects. Throughout the episode, Melina and Nick discuss practical strategies for initiating conversations with strangers and deepening connections with those around us. By shifting our mindset and embracing the potential for meaningful interactions, we can enrich our lives and the lives of others. In this episode: Understand the psychological barriers that prevent meaningful social interactions. Discover the benefits of reaching out to strangers and initiating conversations. Learn how simple acts of kindness can enhance well-being and foster connection. Explore practical tips for engaging in deeper conversations and building relationships. Reflect on the importance of social connection in both personal and professional settings. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/526. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this exciting crossover episode of The Brainy Business podcast, Melina Palmer teams up with Katy Milkman, host of the acclaimed Choiceology podcast from Charles Schwab. Together, they delve into the intriguing concept of left digit bias, a psychological phenomenon that influences how we perceive prices and make decisions. As Melina shares her experience as a guest on Choiceology, listeners will learn about the powerful implications of left digit bias, from its impact on pricing strategies—like why $4.99 feels significantly cheaper than $5—to its effects in various domains, including healthcare and consumer behavior. The episode features compelling stories, including the history of iTunes' pricing strategy and how subtle shifts in numbers can lead to significant outcomes in both personal and professional contexts. Throughout the episode, Melina and the guests discuss real-world applications of left digit bias, illustrating how it can affect everything from diamond purchases to medical decisions. Listeners will gain insights into how this bias shapes our choices and how being aware of it can lead to better decision-making. In this episode: Understand the concept of left digit bias and its influence on pricing perception. Explore the historical context of iTunes' pricing strategy and its revolutionary impact on the music industry. Learn how left digit bias affects medical decisions and the implications for patient care. Discover practical tips for navigating significant purchases by leveraging left digit bias. Gain insights into how awareness of this bias can improve decision-making in various aspects of life. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/525. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer revisits the powerful concept of relativity, a cornerstone of behavioral economics that shapes how we perceive value through comparisons rather than absolutes. Originally aired in 2018, this foundational episode is refreshed to highlight its relevance today, especially in light of an upcoming crossover episode on left digit bias. Melina explains how our brains struggle to assign value to unique items without comparisons, using engaging examples from everyday life, pricing strategies, and consumer behavior. From the psychology behind why we may drive across town to save a few dollars on gas but hesitate to do the same for a more expensive dress, to the surprising emotional responses of Olympic medalists, this episode uncovers the nuances of how relativity influences our decisions. Listeners will learn how to leverage relativity in their businesses, including effective pricing strategies that incorporate decoys and anchoring techniques to enhance perceived value. Melina shares practical tips for creating compelling offers, whether in retail, service industries, or even fitness, and emphasizes how guiding comparisons can significantly impact consumer choices. In this episode: Understand the concept of relativity and its role in determining value. Explore how comparisons influence purchasing decisions in various contexts. Learn practical applications of relativity in pricing strategies for businesses. Discover the emotional impact of relativity on consumer behavior, such as in Olympic medalists. Gain insights into using decoys and anchoring to enhance perceived value in your offerings. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/524. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer shares her inspiring TEDx talk titled There's Nothing Magical about Monday. This episode dives deep into the psychological barriers that lead to procrastination and how understanding our brain's tricks can empower us to take action on the things that matter most. Melina reflects on her journey as an entrepreneur and the power of intentional focus, emphasizing the importance of saying "not yet" to distractions in order to prioritize what truly counts. Listeners will gain insights into the cognitive biases that hold us back, including time discounting, optimism bias, and planning fallacy, and learn practical steps for overcoming these challenges. Melina outlines a clear framework for breaking down goals into manageable tasks, identifying distractions, and leveraging accountability to achieve success. This episode is not just about productivity; it’s a call to action to embrace the power of micro moments and make meaningful progress in your personal and professional life. In this episode: Discover the psychological reasons behind procrastination and how to combat them. Learn about the four cognitive biases that can derail your productivity. Explore actionable steps to break down your goals into achievable tasks. Understand the importance of accountability and how to find an accountability buddy. Get inspired to take action and make meaningful changes in your life. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/523. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer shares her top tips for launching and growing a successful podcast, reflecting on her own journey since starting the show in 2018. With over 500 episodes, a global audience, and multiple books published, Melina dives into the intricacies of podcasting, offering insights from a behavioral economics perspective. Listeners will discover the importance of strategy, consistency, and intentionality in podcasting, along with practical advice for content planning, branding, and audience engagement. Melina emphasizes the long-term commitment required to build a successful podcast and shares the challenges and rewards that come with it. She also touches on the concept of "pod fade" and the significance of setting realistic goals for your podcasting journey. In this episode: Understand the foundational elements needed to launch a podcast effectively. Learn about the time and resources required to create high-quality content. Explore the importance of knowing your audience and setting clear goals for your podcast. Discover strategies for standing out in a crowded podcasting landscape. Gain insights into the benefits of consistency and audience engagement in building trust and loyalty. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/522. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer sits down with Diane Osgood, an environmental economist and author of Your Shopping Superpower, to explore the intersection of sustainability and consumer behavior. Their conversation dives into the power of values-based shopping and how individual choices can create significant impact in the world. Diane shares her insights on how even small shifts in consumer behavior—like choosing one product a week—can lead to transformative changes across industries. She discusses the importance of aligning shopping habits with personal values, and why striving for progress over perfection is crucial in making ethical purchasing decisions. With compelling anecdotes from her experiences, Diane illustrates how consumer demand drives the supply chain and the critical role shoppers play in advocating for sustainability. In this episode: Discover the concept of "buycotting" and how it differs from traditional boycotting. Learn about the four categories to consider when shopping by your values: people, planet, community, and health. Explore practical strategies for making impactful changes in your purchasing decisions. Understand the importance of transparency from companies and how it can foster consumer trust. Gain insights into how small consumer actions can lead to significant industry-wide shifts. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/521. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer welcomes Amy Bucher, author of Engaged: Designing for Behavior Change. Together, they explore the intersection of behavioral science and design thinking, discussing how to create solutions that truly resonate with people's needs and behaviors. This refreshed episode, originally aired in August 2021, delves into the importance of understanding the real problems faced by consumers rather than relying on assumptions. Amy shares her extensive experience in healthcare and wellness, highlighting how applying behavioral science can lead to meaningful behavior change. She emphasizes the significance of thorough research and empathy in the design process, illustrating how small shifts in understanding can lead to innovative solutions that effectively address real-world challenges. In this episode: Discover the critical role of behavioral design in creating effective solutions. Learn how to conduct thorough research to understand the true needs of your audience. Explore practical frameworks for designing interventions that promote behavior change. Understand the importance of empathy and respect for the end users in the design process. Gain insights into real-world examples of successful behavior change projects. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/520. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer sits down with Vicki Tan, author of the innovative book, Ask this Book a Question. Vicki, a digital product designer with a rich background in behavioral science, shares her unique approach to decision-making through an interactive journey that encourages readers to ask meaningful questions about their lives.   Melina and Vicki dive into the art of questioning, discussing how the right inquiries can unlock insights and foster personal growth. Vicki explains the interactive nature of her book, which guides readers through visual prompts and stories, helping them to explore their thoughts and feelings in a structured yet playful way. The conversation also touches on the importance of understanding biases and how they influence our decisions, making behavioral science accessible to everyone. In this episode: Discover how to frame your questions to gain clarity and insight into personal dilemmas. Learn about the interactive elements of Vicki's book and how they facilitate self-discovery. Explore the connection between design, behavioral science, and decision-making. Understand the significance of biases in our thinking and how to work with them rather than against them. Gain inspiration to approach your life’s questions with curiosity and creativity. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/519. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina explores the fascinating concept of the Endowment Effect, exploring why we tend to overvalue the things we own. From cherished coffee mugs to long-held ideas, this cognitive bias reveals how ownership can skew our perception of value. As Melina revisits her original deep dive from February 2021, she underscores the implications of the Endowment Effect on decision-making in both personal and professional contexts. Listeners will learn how even subtle shifts in language can trigger the Endowment Effect, making items feel more precious simply because they belong to us. Melina shares practical examples, including how businesses can leverage this bias to enhance customer loyalty and engagement. With insights drawn from psychological studies and real-life scenarios, she emphasizes the importance of understanding this effect to improve marketing strategies and customer experiences. In this episode: Discover the Endowment Effect and how it influences our perceptions of value. Learn how language can trigger feelings of ownership and attachment. Explore the connection between the Endowment Effect and loss aversion. Understand how to apply the Endowment Effect in business to enhance customer loyalty. Gain insights into how early ownership can reinforce long-term brand loyalty. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/518. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites.  Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

In this episode of The Brainy Business podcast, Melina Palmer is joined by Devora Rogers, Chief Strategy Officer at Alter Agents, to discuss the evolving landscape of consumer insights and the importance of asking the right questions in marketing. Devora shares her extensive experience working with major brands like Netflix, Pepsi, and TikTok, and her insights into the revolutionary approach of agile neuroscience testing that captures subconscious consumer reactions in real time. The conversation delves into how brands can better understand their audiences by exploring the nuances of competition, the significance of segmentation, and the impact of qualitative research. Devora emphasizes the importance of framing questions correctly and understanding the broader context of consumer behavior beyond traditional metrics. She also highlights the need for marketers to be curious, empathetic, and strategic in their approach to research. In this episode: Discover the critical role of asking the right questions in consumer insights and marketing. Learn how agile neuroscience testing can reveal subconscious consumer reactions. Explore the importance of segmentation and understanding competition beyond surface-level data. Gain insights into effective qualitative research methods and their impact on decision-making. Understand how to position your brand by tapping into deeper consumer motivations and emotions. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/517. Looking to explore applications of behavioral economics further? Learn With Us on our website. Subscribe to Melina’s Newsletter Brainy Bites. Let’s connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram