behavioral economics

Why Behavioural Healthcare will be the new currency for us all?

The SARS CoV2 or COVID19 as it is popularly known as clearly demonstrates why the virus spread across the planet at such a rapid rate nearing 2.4million people with over 160,000 deaths? The spread had nothing with the nature of the virus itself, but clearly due to one single factor on the planet, human behaviour!

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Why behavioural healthcare? Because over the years we have seen an incredible amount of capital and human capacity being utilised in creation of technologies and models around behavioral finance, because everyone wants to make more money or the #gamblersfallacy we call heuristically.

Behavioural Healthcare in the era of the SARS CoV2 and beyond will by definition see the emergence of the science becoming part of mainstream day-to-day. Why? Lives + Livelihoods is the key mantra. How do we work in a post-pandemic world where people interact with ecosystems and machines and yet have our day to day living as a yin-yang of our livelihoods combined.

How will our behaviour become our currency? It has already begun. Social distancing to start with is here and the way we interact to trade, conduct commerce or even walk on a street. This is only the beginning.

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Healthcare is a wicked problem, not a repetitive one or a tame problem that can be addressed by typical software and computing models or statistical tools and Artificial Intelligence or Machine Learning.  Because as people we behave the way want, respond to stimuli the way we want to and act seemingly rational when alone, but in a herd we truly react quantumly rational or herd instincts kick in and proven time and time again from stock markets (even as we speak) to mobs on the street or people deciding to walk on a beach just because someone says its okay to do so.

 

Behavioural and decision sciences applied to healthcare and wellbeing is at an inflection point where technology design and mechanism design will be around self-interest, Incentive Compatibility and Truthful Participation as key elements that nudge us to interact with people, machine and ecosystems alike to ensure we have our lives +livelihoods as a currency not lives±livelihoods as a model, as we see today.

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Causality will be the key to mechanism design creating whole new models that will create new opportunities never seen before and this is exciting to be part of this journey.

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It is clear that behavioural and decision sciences are the new interdisciplinary foundation of what is about to unravel in businesses, government and civil society at large. What comes next will be astounding and behavioural healthcare will be a key lever in the Lives+Livelihoods model that follows.

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Stay tuned.

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