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The Connection between Big Data and Behavioral Economics
We show how online reviews analyzed and viewed through the lens of behavioral economics can provide insights into consumers’ perceptions and emotions. We web scraped and analyzed 7,000 online automotive reviews across six countries. We found that 1) negative events have a greater impact than positive events on consumers’ brand evaluations, and 2) the emotions experienced by consumers differ by car models. By analyzing big data through the lens of behavioral economics, marketers can better understand how to market and manage their brands.