In this article it explains how, with the knowledge of Behavioral Economics, an agency can influence the decisions consumer's make while purchasing certain items. The President of the Institute of Practitioners in Advertising (IPA) in the UK, Rory Sutherland, and the IPA's Consultant on Behavioral Economics, Nick Southgate, came up with the idea of how and why discipline should be "adopted by agencies to develop more targeted ideas for clients." With the use of Behavioral Economics, one can better understand consumer's economic decisions by taking insights from psychology and meshing it together with the classic economic theory. Sutherland and Southgate came up with 5 key concepts which are explained in this article.
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