#cognitivebiases

  • By Giovanna Matrone English Version When during Christmas vacations I told my father I was getting enthusiastic about Circular Economy he started laughing. He is a 73 years old electronic engineer. He is passionate about any new technology innovation but quite skeptical about new business models linked to new generation values. Honestly – at that moment I was a little disappointed. Then, I started thinking about his reaction. Especially about why he showed himself cynical. As often happens, I found the answer working on another topic. In the same period, indeed, I was deepening concepts about cognitive biases for a study on Diversity and Inclusion. These biases are systematic patterns of deviation from norm or rationality in judgment and decisions. So, I asked myself: is there any link between Circular Economy and biases? The answer is yes. Actually, not many studies have been found, but among those few, the most try to empirically demonstrate that consumers often behave far from traditional patterns of rationality, as influenced by cognitive biases. If this is valid for the relationship between consumer and product, emerging studies are demonstrating this “irrational” link exists also toward the acceptance of new business models, despite ethical values involved. From this perspective, it becomes imperative to explore, understand and overcome these barriers to allow the implementation of innovative models aimed to support the Circular Economy in creating value for customers, societies, and companies. The possibility for individuals to form and express their identity is key to enable acceptance of products and models. In their positions and decisions, people are influenced by their own values and beliefs, born from a specific set of factors, linked to psychology and personal experience, social environment, and culture. Individual and social factors The individual factors are those deeply reflecting the values of people. Psychological mechanisms, habits, attitudes are just a few among them. People are strongly willing to...
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