Bounded rationality is the idea that rationality is limited when individuals make decisions, and under these limitations, rational individuals will select a decision that is satisfactory rather than optimal.
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Considering the cost of energy services and associated value gives economic meaning to the efficiency at which energy can be produced. Energy services can be defined as functions that generate and provide energy to the “desired end services or states”. The efficiency of energy services is dependent on the engineered technology used to produce and supply energy. The goal is to minimise energy input required to produce the energy service, such as lighting (lumens), heating (temperature) and fuel. The main sectors considered in energy economics are transportation and building, although it is relevant to a broad scale of human activities, including households and businesses at a microeconomic level and resource management and environmental impacts at a macroeconomic level.
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.
Cass Robert Sunstein is an American legal scholar known for his work in constitutional law, administrative law, environmental law, and behavioral economics. He is also The New York Times best-selling author of The World According to Star Wars (2016) and Nudge (2008). He was the administrator of the White House Office of Information and Regulatory Affairs in the Obama administration from 2009 to 2012.
Richard H. Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association.
Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea. The term was coined by behavioral economist Richard Thaler and legal scholar Cass Sunstein in a 2003 article in the American Economic Review. The authors further elaborated upon their ideas in a more in-depth article published in the University of Chicago Law Review that same year. They propose that libertarian paternalism is paternalism in the sense that "it tries to influence choices in a way that will make choosers better off, as judged by themselves" ; note and consider, the concept paternalism specifically requires a restriction of choice. It is libertarian in the sense that it aims to ensure that "people should be free to opt out of specified arrangements if they choose to do so". The possibility to opt out is said to "preserve freedom of choice". Thaler and Sunstein published Nudge, a book-length defense of this political doctrine, in 2008.
Nudge or Nudging may refer to:
Daniel Bruce Klein is an American professor of economics at George Mason University and an Associate Fellow of the Swedish Ratio Institute. Much of his research examines the works of Adam Smith, public policy questions, libertarian political philosophy, and the sociology of academia. He is the chief editor of Econ Journal Watch.
stickK.com is an American internet company that enables users to make commitment contracts in order to reach their personal goals.
Marriage privatization is the concept that the state should have no authority to define the terms of personal relationships such as marriage. Proponents of marriage privatization, including certain minarchists, anarchists, libertarians, and opponents of government interventionism, claim that such relationships are best defined by private individuals and not the state. Arguments for the privatization of marriage have been offered by a number of scholars and writers. Proponents of marriage privatization often argue that privatizing marriage is a solution to the social controversy over same-sex marriage. Arguments for and against the privatization of marriage span both liberal and conservative political camps.
Choice architecture is the design of different ways in which choices can be presented to decision makers, and the impact of that presentation on decision-making. For example, each of the following:
More Than Good Intentions: How a New Economics is Helping to Solve Global Poverty is a non-fiction book by Yale economist Dean Karlan and economist Jacob Appel published in 2011. It combines insights from behavioral economics with field research from developing countries to discuss and evaluate international development and poverty-alleviation programs. The authors describe the book as “...a new way to understand what really works to reduce poverty...”
Nudge theory is a concept in behavioral economics, decision making, behavioral policy, social psychology, consumer behavior, and related behavioral sciences that proposes adaptive designs of the decision environment as ways to influence the behavior and decision-making of groups or individuals. Nudging contrasts with other ways to achieve compliance, such as education, legislation or enforcement.
The Behavioural Insights Team (BIT), also known unofficially as the "Nudge Unit", is a UK-based global social purpose organisation that generates and applies behavioural insights to inform policy and improve public services, following nudge theory. Using social engineering, as well as techniques in psychology, behavioral economics, and marketing, the purpose of the organisation is to influence public thinking and decision making in order to improve compliance with government policy and thereby decrease social and government costs related to inaction and poor compliance with policy and regulation. The Behavioural Insights Team has been headed by British psychologist David Halpern since its formation.
Debiasing is the reduction of bias, particularly with respect to judgment and decision making. Biased judgment and decision making is that which systematically deviates from the prescriptions of objective standards such as facts, logic, and rational behavior or prescriptive norms. Biased judgment and decision making exists in consequential domains such as medicine, law, policy, and business, as well as in everyday life. Investors, for example, tend to hold onto falling stocks too long and sell rising stocks too quickly. Employers exhibit considerable discrimination in hiring and employment practices, and some parents continue to believe that vaccinations cause autism despite knowing that this link is based on falsified evidence. At an individual level, people who exhibit less decision bias have more intact social environments, reduced risk of alcohol and drug use, lower childhood delinquency rates, and superior planning and problem solving abilities.
Justine Hastings is an American economist, academic, and policy advisor. She is currently a vice president and chief of people-centered science at Amazon and an affiliate professor of economics at the University of Washington. Previously, she served as professor of economics and international and public affairs at Brown University, and as an associate professor of economics at Yale University. Her research focuses on combining economics and big data to solve social problems, spanning topics across education policy, retirement policy, household finance, marketing, competition, antitrust, and environmental regulation.
Botond Kőszegi is an economist and a professor at Central European University.
Katherine L. Milkman is an American economist who is the James G. Dinan endowed Professor at The Wharton School of the University of Pennsylvania. She is the President of the Society for Judgment and Decision Making.
Humu is a software company that uses machine learning to send "nudges," small recommendations based in nudge theory, to employees at work. Since August 2023, it is a subsidiary of Perceptyx.
A urinal target, sometimes known by the specific types urinal fly or urinal bee, is an image or mark placed inside a urinal to encourage users to aim in a particular place so as to avoid messes and reduce cleaning costs.
