The year 2017 may be the year behavioral economics found its place in the sun. Fifteen years after behavioral economics pioneer Daniel Kahneman won his Nobel Prize, its principles have been transformed into key policy tools in government, business, and development agencies. The 2017 Nobel Prize to Richard Thaler, one of its principle theoreticians and practitioners, only … [Read more...] about Nudging Latin Americans to Healthier, More Prosperous Lives
What are the best ways to get people to change their behavior for their own, and society’s, good? Seeking to avoid coercion, policymakers increasingly turn to pricing strategies, like "sin taxes" on alcohol or cigarettes. Or they resort to techniques from behavioral economics like "nudges," which employ peer pressure, moral appeals and suggestive images—such as pictures of … [Read more...] about A Simple Nudge is a Better Nudge
In recent weeks, the issue of tax avoidance has surged into the United States presidential election. It gained momentum Sept. 26 during the first presidential debate when Republican candidate Donald Trump said that not paying federal income taxes made him “smart.” It moved to the forefront Oct. 1 with the revelation by the New York Times that Trump had declared a $916 million … [Read more...] about Is Being ‘Smart’ About Taxes Contagious?
Sometimes we need a little push to do things that we know are good for us. We find a “gym buddy” to somehow commit to work out. Or we bet money with a friend on who will be able to spend a month without smoking. When it comes to saving, these nudges are also important for many, even if they are not aware of it. Previous posts explored the main reasons why people in Latin … [Read more...] about Helping Latin Americans Save