Behavioural Economics
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Behavioural Economics
Frequently curated material for students and teachers relevant to A Level and Pre U Economics
Curated by Geoff Riley
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Behavioural Economics | tutor2u Economics

Behavioural Economics | tutor2u Economics | Behavioural Economics | Scoop.it
This series of 10-question MCQ quizzes are for A Level Economics students to test their knowledge and understanding of Behavioural Economics.
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Want to Get Rid of Obamacare? Be Careful What You Wish For

Want to Get Rid of Obamacare? Be Careful What You Wish For | Behavioural Economics | Scoop.it
Donald Trump may actually have the political power to enact the single-payer approach, but Republicans are extremely unlikely to embrace it.
Geoff Riley's insight:
The Economic Naturalist, Robert Frank discusses the latent power of loss aversion as the imminent repeal of the Affordable Care Act arrives.
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Are there alternatives to charging 5p for reducing plastic bag use?

Are there alternatives to charging 5p for reducing plastic bag use? | Behavioural Economics | Scoop.it
Gauri Chandra discusses the behavioural alternatives to reducing plastic bags use without charging 5p for purchasing a bag.
Geoff Riley's insight:
Can money crowd out guilt? This blog from an LSE student engaging in research for a dissertation claims that the long term impact of the 5 pence plastic bag charge is likely to dissipate and that non-monetary nudges might be just as effective in changing behaviour. One has to be cautious about making judgements when the sample size is so small.
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How behavioral economics explains everyday life

How behavioral economics explains everyday life | Behavioural Economics | Scoop.it
The integration of neuroscience, psychology, microeconomic theory, and social intelligence has bred a field that provides insights and underlying assumptions to our normal interactions.
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Howard Schultz Steps Down as CEO of Starbucks

Howard Schultz Steps Down as CEO of Starbucks | Behavioural Economics | Scoop.it
Farewell to one of our favourite CEOs - Howard Schultz - who is stepping down as CEO of Starbucks from April 2017.
Geoff Riley's insight:
Price anchoring at work here - "Starbucks is developing a new premium chain of coffee shops - The Roastery - where prices may be around 3-4x those in the typical Starbucks store." Setting a high anchor price sets expectations that this is a different product from wandering into a typical Starbucks store.
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The Best Films of 2016 (for Behavioral Economists)

The Best Films of 2016 (for Behavioral Economists) | Behavioural Economics | Scoop.it
Unrealistically optimistic star warriors. Fairness-valuing jungle creatures. Lovebirds thinking counterfactually.
Geoff Riley's insight:
Behavioural Economics meets Hollywood - a great post from Cass Sunstein (co-author of Nudge) on the behavioural economics embedded into some of the year's top films. Some interesting behavioural biases are identified along the way!
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Why is it so hard to overcome bias in decision-making? Becasue you're human

Why is it so hard to overcome bias in decision-making? Becasue you're human | Behavioural Economics | Scoop.it
A Princeton psychology professor explains our inability to overcome bias.
Geoff Riley's insight:
Neat short article on a cluster of cognitive biases
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Police body cameras 'cut complaints against officers'

Police body cameras 'cut complaints against officers' | Behavioural Economics | Scoop.it
Police body cameras can dramatically reduce the number of complaints against officers, a major research project suggests.
Geoff Riley's insight:
A nudge that appears to influence the behaviour of the police and those that come into contact with the police? A Cambridge University study found complaints against police in the U.K. and the U.S. fell 93 percent after departments installed body cameras
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Bike manufacturer sees huge reduction in delivery damage by printing TV on the box

Bike manufacturer sees huge reduction in delivery damage by printing TV on the box | Behavioural Economics | Scoop.it
Dutch manufacturer Vanmoof discovers that printing a picture of a flatscreen TV on their bike boxes reduces delivery damages by 70-80 per cent
Geoff Riley's insight:
Handle with care! A bike manufacturer wanted to drastically lower the number of shipments arriving to customers damaged because of mis-handling. Their insight was to remind themselves that flat-screen TVs nearly always come out of their box in mint condition - so a simple behavioural nudge was applied!
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Matt Smith's curator insight, December 1, 2016 2:16 PM
Handle with care! A bike manufacturer wanted to drastically lower the number of shipments arriving to customers damaged because of mis-handling. Their insight was to remind themselves that flat-screen TVs nearly always come out of their box in mint condition - so a simple behavioural nudge was applied!
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O Behave! Issue 22

The latest round-up in psychology and behavioural economics from Ogilvy Change
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Always entertaining and revealing! This time - how poor design of a prompt sheet caused embarrassment at the Miss Universe competition!

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Behavioural Economics: Is this the ultimate London Underground Tube map redesign?

Behavioural Economics: Is this the ultimate London Underground Tube map redesign? | Behavioural Economics | Scoop.it
If you’re one of many price-crunched Londoners who has upped sticks to Zone 4 and beyond - perhaps to Croydon, Crystal Palace or Kingston - then this may be the Tube map for you.
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Behavioural Economics: Why do you make bad decisions?

Behavioural Economics: Why do you make bad decisions? | Behavioural Economics | Scoop.it
From cognitive bias to groupthink - this chart shows what could be clouding your thinking
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Rebecca Clark's curator insight, September 21, 2016 12:44 PM

Behavioural Economics Summary

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Forbes Welcome

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Rory Sutherland on anti-nudges at hotels and the framing of the experience at Waganama 

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All change in the aisles to entice us to eat more veg

All change in the aisles to entice us to eat more veg | Behavioural Economics | Scoop.it
Scientists to give supermarkets a makeover to cut meat consumption
Geoff Riley's insight:
Sainsburys and a team of academics from Oxford University are teaming up to launch a range of initiatives to get people to make healthier food choices. Lots of behavioural nudges in action here including normalising the placing of vegetarian options and making changes to the choice architecture of store layouts.
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Behavioural Economics: How a flamingo taught me about priming

Behavioural Economics: How a flamingo taught me about priming | Behavioural Economics | Scoop.it
Empty description
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Charlie Lewis, Digital Strategist at Winston-Wolf writes here about how an encounter with Pablo the dancing flamingo taught him all he needs to know about behavioural priming!
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Behavioural Economics - A Quick Primer

Behavioural Economics - A Quick Primer | Behavioural Economics | Scoop.it
This is a quick primer on the ways in which behavioural economics challenges the assumptions the null model of agent behaviour that dominated conventional…
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The Friendship That Created Behavioral Economics

The Friendship That Created Behavioral Economics | Behavioural Economics | Scoop.it
A conversation with Michael Lewis about his new book on the research of Daniel Kahneman and Amos Tversky
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Can an app change human behavior? This behavioral economics professor is banking on it

Can an app change human behavior? This behavioral economics professor is banking on it | Behavioural Economics | Scoop.it
It ain't easy getting people to save money
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Nudging the pub: a change in choice architecture can help pub-goers drink less

Nudging the pub: a change in choice architecture can help pub-goers drink less | Behavioural Economics | Scoop.it
A proposal to help British breweries and pubs promote responsible drinking, by Luc Bovens. The Government uses various policy tools to reduce alcohol
Geoff Riley's insight:
Interesting article on social norms in the pub contrasted to restaurants. Norms of reciprocity such as buying a round are powerful forces when lining up at the bar, not so when seated at the dinner or lunch table. The article argues for serving higher-strength beers in smaller glasses to change the choice architecture - although holding a half glass still invites ridicule!
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What You Need to Know if you are Teaching Behavioural Economics for the First Time | Economics | tutor2u

Here are the resources from the CPD webinar entitled: What you Need to Know if you are Teaching Behavioural Economics for the First Time
Geoff Riley's insight:
Some great revision / teaching resources here
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Behavioural Economics of Plastic Bag Tax.

Joe Gladstone, Assistant Professor at University College London, discusses the plastic bag tax and why this has been so effective in just a short time. Can the nudge be applied elsewhere?

Geoff Riley's insight:
​Which works best, the carrot or the stick? In this short interview one of our favourite behavioural economists Joe Gladstone, Assistant Professor at University College London, discusses the plastic bag tax and why this has been so effective not least because of the importance of loss aversion. 

The pain of paying for something is more acute at certain trigger points - for example at the check out!
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Matt Smith's curator insight, December 1, 2016 2:15 PM
​Which works best, the carrot or the stick? In this short interview one of our favourite behavioural economists Joe Gladstone, Assistant Professor at University College London, discusses the plastic bag tax and why this has been so effective not least because of the importance of loss aversion. 

The pain of paying for something is more acute at certain trigger points - for example at the check out!
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How to make good guesses - Tim Harford

How to make good guesses - Tim Harford | Behavioural Economics | Scoop.it
What’s the likelihood that the British economy will fall into recession this year? Well, I’ve no idea — but I have a new way to guess. Before I reveal what this is, here’s a totally different question. Imagine that you see someone reading the
Geoff Riley's insight:

Tim on excellent form here - "Whether one is forecasting whether a marriage will last, or a dictator will be toppled, or a company will go bankrupt, it’s a good idea to start with the base rate"

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Nudge for Good: 'Anti-pee' walls in Hackney will splash offenders

Nudge for Good: 'Anti-pee' walls in Hackney will splash offenders | Behavioural Economics | Scoop.it
A special wall coating designed to soak anyone who tries to urinate against it is being trialled by a London council.
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Graham Watson's curator insight, December 17, 2015 8:14 AM

Great story - although I still think that the Bangladeshi solution is marginally cuter...

Amar Sandhu's curator insight, June 12, 2016 7:20 AM
A creative idea with potential to minimise the mentioned negative externalities.
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Enrichment Economics: The Equity Premium and Low Interest Rates - Professor Jagjit Chadha

Professor Chadha examines the equity risk premium and whether this is a justifiable position: http://www.gresham.ac.uk/lectures-and-events/the-costs-of-busin...
Geoff Riley's insight:

One for the behavioural finance students out there! What kinds of returns should we expect from risky stocks and shares (equities)? Should equities yield a high return relative to short term risk-free instruments? Do they still do so in the post-crisis world? For what reasons might investors demand such a premium? What do these high returns tell us about investor risk aversion? In this fifty minute lecture Professor Chadha looks at the evidence from both the United States and the United Kingdom.

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How Framing And Removing Anti-Nudges Can Improve Customer Experience

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Geoff Riley's curator insight, December 8, 2015 2:04 AM

Rory Sutherland on anti-nudges at hotels and the framing of the experience at Waganama