Opinion Science
"...Ridiculous" Ep. 4: Behavioral Economics Goes Mainstream
Feb 26, 2024
Discover the evolution of Behavioral Economics from a radical idea to a mainstream concept, influencing decision-making processes and challenging traditional rationality assumptions. Explore the power of defaults in shaping behavior, especially in retirement savings, and the success of nudges in encouraging saving. Learn about the impactful role of the Behavioral Insights Team in applying behavioral economics to enhance policymaking and drive innovation in government operations.
41:52
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Quick takeaways
- Behavioral economics is now mainstream in Economics, informing programs and policies globally.
- Popular books like 'Nudge' and 'Predictably Irrational' have played a vital role in introducing behavioral economics concepts to the public.
Deep dives
Behavioral Economics in Practice: A Real-World Application in Kenya
In Kenya, the Bussara Center for Behavioral Economics conducted studies aiming to encourage savings among Kenyan workers who received digital payments. Traditional economic approaches failed to optimize savings, leading researchers to use innovative methods like giving workers a physical coin to emphasize the value of saving, which significantly increased savings compared to other incentives.
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