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Applying Second-Order Thinking In Banking

South State Correspondent

Second-order thinking is figuring out what drives that view, what is the range of possibilities and probabilities of outcomes, and then taking human psychology into account. Decision making is as much art as science. First-order thinking is just adopting a common view about the future.

Analysis 195
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Richard Thaler Gets The ‘Nudge’ For Nobel Prize In Economics

PYMNTS

In awarding the prize, the Royal Swedish Academy of Sciences said Thaler, a University of Chicago Booth School of Business professor, has worked across the economic and psychological spheres and has “given us new insight into how human psychology shapes decision-making,” The Wall Street Journal reported.

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CFPB to host research conference on consumer finance

CFPB Monitor

Disciplines from which we hope to receive submissions include, but are not limited to, economics, the behavioral sciences, cognitive science, and psychology.” ” The announcement also includes a list of 15 academics who have been named to the conference’s “scientific committee.”

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The Finanser’s Week: 10th April – 16th April 2017

Chris Skinner

That’s not scary science fiction, as it’s now almost … Digital is in our DNA When you have your basic needs covered – food and shelter – what do you need then? According to Maslow’s hierarchy of needs, it’s our psychological needs – love, belonging, self-esteem. This is exactly where digital plays into our hearts.

Maine 202
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5 Campaigns to Increase Deposits Targeting Digital Wallets

South State Correspondent

The Psychological Factors of the Digital Wallet One critical element based on economic behavior science is that customers prefer to keep track of their money. Banks should aim to bring back 10% to 25% of these funds, which equates to between $20 million and $50 million in deposits per 100,000 retail and small business customers.

FDIC 195
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CFPB seeks new members for Academic Research Council

CFPB Monitor

Applicants should be “prominent experts who are recognized for their professional achievement and objectivity in economics, statistics, psychology or behavioral science.” The CFPB states that it has a special interest in ensuring that women, minority groups and individuals with disabilities are adequately represented on the ARC.

Groups 74
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CFPB to hold second research conference

CFPB Monitor

Disciplines from which we hope to receive submissions include, but are not limited to, economics, the behavioral sciences, cognitive science, and psychology.”. The CFPB’s call for papers lists the names of ten academics who are members of the conference’s scientific committee.