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Tuesday, January 16, 2018

Should Governments Invest More in Nudging?

Shlomo Benartzi, John Beshears, Katherine L. Milkman, and others
Psychological Science 
Vol 28, Issue 8, pp. 1041 - 1055
First Published June 5, 2017

Abstract

Governments are increasingly adopting behavioral science techniques for changing individual behavior in pursuit of policy objectives. The types of “nudge” interventions that governments are now adopting alter people’s decisions without coercion or significant changes to economic incentives. We calculated ratios of impact to cost for nudge interventions and for traditional policy tools, such as tax incentives and other financial inducements, and we found that nudge interventions often compare favorably with traditional interventions. We conclude that nudging is a valuable approach that should be used more often in conjunction with traditional policies, but more calculations are needed to
determine the relative effectiveness of nudging.

The article is here.
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