The Top 4 Lessons in Behavioral Economics From Dilbert - Deepstash
Dilbert

Written by Scott Adams, is an 'infamous' comic strip that shows a humorous look in office life, but also manifests lessons on behavioral economics.

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Behavioral Economics

.... refers to the study of how social and psychological factors (decisions made by an individual, institution or business) can affect the market and its resources.

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A Lesson in Overconfidence

Dilbert’s boss shows overconfidence by assuming that all management is – himself included – above average. This is hardly the truth, in general. As for Dilbert’s boss, he completely misses the jab attacking his math skills because he’s too focused on himself.

Overconfidence of bosses can end up putting their companies in risky venturesWe all need to take some time to cool our egos and look at the world around us more realistically.

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A Lesson in Framing

Framing refers to how a person makes decision depending upon how the information is presented. Framing effect is often used in marketing to influence decision-makers and purchases.

You can use this strategy to engage customers to buy your products. But depending on how you frame your messages, it can also be used to make the best of a bad situation.

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A Lesson in Loss Aversion

Sometimes, it is hard to let go of something valuable without realizing that letting go is greater than we think. 

Sometimes, a loss can feel more powerful than a gain of the same magnitude and vice versa. Considering the pain of a loss – or euphoria of a gain – can weigh heavily on future decisions it can cause more harm than good.

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A Lesson in Confirmation Bias

Confirmation bias is when you actually seek out evidence to support a predisposed belief

In this strip, Dilbert's boss believes that his managerial skills can affect the company stock. His belief is later reinforced, mostly by coincidence. However, because he was affected by bias he mistook the research as confirmation.

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