News and Opinion From a Team of Young People

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Callum Brooks

Callum Brooks has 1 articles published.

UK

Nudging : The Way Forward?

Human beings are remarkably good at decision making. Millions of years of evolution mean we are capable of processing information and making decisions quickly and with minimal effort. We like to think of ourselves as rational, and much of economic analysis relies on the assumption that humans are always rational. However, the growing field of behavioural economics is symptomatic of a realisation that homo economicus, the consistently rational ‘economic man’, is in many instances far from reality. Homo sapiens unlike their Spock-like subspecies, do make a number of predictable mistakes because of a number of cognitive biases, heuristics and social influences. In other words, humans are susceptible to making very human mistakes. The work of Richard Thaler and Cass Sunstein, summarised in their book Nudge… Keep Reading

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