The symbiosis of big data and behavioral insights. Applications and ethical considerations

Seminar paper from the year 2017 in the subject Economics - Other, grade: 1,7, University Witten/Herdecke (Wirtschaftswissenschaften), course: Behavioral Economics / Verhaltensökonomik, language: English, abstract: Since the US-presidency elections of 2016 and the surprising victory of Donald Trump, a sudden public interest in "big data" was sparked, since it was suspected to be key to Trump's success. More precisely, it was the combination of "big data" and behavioral nudge approaches that was key to the strategy of Donald Trump. This essay examines the powerful synergies of "big data" with behavioral economics on the basis of real life examples from politics and business. Moreover the practical limitations as well as ethical considerations will be discussed.