IDG Contributor Network: What IT needs to know about cloud economics: behavioral factors

Even if your world revolves around technology, you may have heard about behavioral economics. One of the 2017 Nobel Prizes went to a behavioral economist, and last year also saw the publishing of The Undoing Project by Michael Lewis, a history of this discipline and something of a follow-up to his influential book Moneyball.

The cognitive errors revealed by behavioral economics impact human activity at large, from professional athletics (see Moneyball) to cloud computing systems. I’m not the first person to make the latter connection. Back in 2010, former telecom executive Joe Weinman wrote a piece for GigaOm titled “Lazy, Hazy, Crazy: The 10 Laws of Behavioral Cloudonomics.” A lot has happened since then, but insights from this branch of economics continue to shed light, especially on the conflicting motivations of those involved with cloud computing.

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