Secrets of the Moneylab: How Understanding People Will Increase Your Profits - Softcover

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Kay-Yut Chen leads Hewlett Packard's experimental economics laboratory - the first such lab at any company - which he established in 1994 after earning his PhD from Caltech. His cutting-edge research has been used across HP; his lab designed the standard contract between Hewlett-Packard and retailers like Wal-mart and Best Buy. His work has been featured in Scientific American, Risk Magazine, Newsweek, The Financial Times, The Wall Street Journal, BusinessWeek.com, and Portfolio.com.

Marina Krakovsky is a journalist who writes about the intersection between science and business. Her credits include Scientific American, Slate, Discover, Psychology Today, The Washington Post and The New York Times Magazine.

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Sensational books like Freakonomics have shown how human behaviour follows predictable patterns. But how do you take these radical ideas and apply them to your business? How do you make money from them?

Secrets of the Moneylab sets out what business can learn from the findings of the new economics and social psychology. It shows how you can shape desires, use incentives and reduce risks to consistently improve the bottom line.

In his experimental lab at Hewlett-Packard, chief economist Kay-Yut Chen is running groundbreaking research into human behaviour. He packs Moneylab with insights into the invisible forces controlling the world of business.

These findings, which defy conventional wisdom and traditional economic theory, will help you engineer your business for success.

'What can playing games in a lab tell us about risk management or compensation plans? A lot, as it turns out. Using science, field experiments, and examples from well-known companies, Chen and Krakovsky reveal the secrets of how to apply the scientific method to your business practices'
Daniel Pink, author of Drive and A Whole New Mind

***With a foreword by George Akerlof, Nobel Prize-winning economist***