Tag Archives: behavioural economics

Paying for psychic pigs

  It hath been decreed that the biggest football tournaments must be accompanied by a psychic animal – be it octopus, fish or pig. Someone really ought to start to blog about football and behavioural economics, because this popular sport of … Continue reading

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I can see through you (or can I?)

Career coaches (actually, no, everyone) says that you need to act confident to get to what you want. Think positively. Tell yourself you’re great. Believe in yourself. Being confident signals to others that you are high ability. But what about … Continue reading

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My lip balm is eating my lips!

The other day I hurried home from work, pulled open my bathroom cupboard and with a crazed look in my eye, scanned through the list of ingredients of my various lip balms and moisturisers for salicylic acid.   For according to Martin … Continue reading

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An economist’s guide to keeping your New Year resolutions

Got some New Year resolutions? Wondering how you’re going to keep them? Think you could benefit from some behavioural economics and psychology tips (who doesn’t?!). 1) Make your resolution public. If you care about what people think of you, you … Continue reading

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Does money makes things worse?

Want to encourage people to do something? Give them a monetary incentive: pay them to do it, or fine them if they don’t. This is the traditional economic answer. But over the years, various studies have shown that it isn’t … Continue reading

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Caring currencies

Social care for the elderly costs the UK Government £16billion each year, according to a recent report. There is an unmet need for social care, which is forecast to increase over the next 15 years. What to do about it? … Continue reading

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A cure for irrationality?

One of the most influential books on what behavioural economics means for public policy is probably Nudge by Richard Thaler and Cass Sunstein, which describes how people can be helped to make better decisions, crucially without removing their freedom of choice. … Continue reading

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Fun at the conference

Yesterday I got home from a European Commission conference on the implications of behavioural economics for policy-makers.  Speakers included Professor Cass Sunstein (co-author of Nudge), Professor David Laibson (Harvard University), Dr David Halpern (head of the UK Government’s Behavioural Insights Team) and Professor … Continue reading

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Banking on biases

Today, UK consumer group Which? highlighted how much money consumers are losing out on due to a practice that has infuriated me for some time – although admittedly the fury has given way to resignation and procrastination. Hey, I’m only … Continue reading

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Anti-nudging

Behavioural economics incorporates psychology into the science of decision-making. Some of it isn’t all that new to marketers, who have been using funny quirks in our decision-making skills to sell more stuff to us for years (e.g. pricing things at … Continue reading

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