Nudging Society to Better Decisions
- Extra Reading
We often think that psychological biases worsen decision making - but they can also be harnessed for good.
This talk will discuss how “nudging” can help citizens make better decisions. For example, due to “status quo bias” (inertia), auto-enrolling employees into a pension makes them more likely to save. Due to “loss aversion”, punishments for smoking can be more effective than rewards for not smoking. Due to “hyperbolic discounting” (impatience), immediate rewards can encourage good long-term habits such as exercise.
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