Steve Shu's Blog

An Anecdote on How Experimental Design and Statistics Are Used in Behavioral Economics and Business

In recent study I having been working with Hal Hershfield and Shlomo Benartzi at UCLA, we worked with a FinTech company that had its roots in providing a mobile app to Millennials to get them to save incremental money through rounding up purchases. For example, if you bought a cup of coffee for $4.55, you could round things up to $5.00 and save the incremental $0.45.

Example Companies Involved with Behavioral Economics

Here are some firms and practice groups in the behavioral science and economics space:

One of the Best Ways to Market Yourself as a New Consultant

One of the best ways to market yourself as a consultant is by having someone refer you to a client prospect. This type of marketing can be viewed through the lens of “networking by helping someone” (in contrast to networking and just meeting lots of people). These are investments you make to both build your reputation and professional networks.

How Do Consultants Stay Organized Before Creating Client Deliverables?

This post is based on a question posed to me on Quora.

Individual consultants and engagement managers usually develop their own ways of organizing information. Here are a few concepts I have used (but situations vary widely based on the situation and team composition):

Behavioral Economics Versus Behavioral Science

There will be different perspectives on the definitions of these two terms depending on context. Put simply, behavioral economics lies at the intersection of economics and psychology.

Thoughts About Finder’s Fees to Other Professional Services Providers as a Consultant

This answer is based on a question posed to me on Quora.

I’ve only used finder’s fees sparingly over the course of my professional services career. Here are some reasons why:

How Do Consultants Handle Situations With Clients Who May “Laugh” at Them Relative to Projections and Opportunity Outcomes?

Here are some thoughts on how consultants prepare for and handle these types of situations:

The Real Key to Performing a Competitive Assessment

Assuming that one has capable resources to get the job done, the most important thing needed for a competitive analysis is an articulation of the true problem statement. The need to perform a competitive analysis is not a problem statement in of itself. Is the problem statement a broad one to simply formulate strategy? Unlikely. Not focused enough. Perhaps it is about assessing the atrractiveness of services A, B, and C in a particular market? Or perhaps it is about a financial assessment of competitiveness from a risk management perspective?