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We have seen that Behavioral Economics allows policy makers to design interventions to more effectively achieve policy goals. We know that not all incentives are created equal. Individuals overweight small probability events and feel losses more severely than equivalent gains. A reward incentive that leverages these biases might be more effective for the same expected value. Moreover, in certain domains individuals respond in perverse ways to incentives. In some settings, monetary incentives lead individuals to respond with less effort rather than more.
In the following video Prof. Kevin Volpp summarizes some of his studies using behavioral insights to promote healthy habits. Note this is also a useful recap of what we have seen.
Most employers now have incentive programs designed to nudge workers toward healthier choices. But according to Prof. David Asch most of those programs are not designed properly to deal with the human element.
Please connect to my Zoom (link in Absalon) on Wednesday, October 23 at 13:15.
Group 2 summarizes the three papers you have to read for today. Remeber you have to read all the papers before the lecture and prepare your questions for the group.
I expect an active discussion about each paper: ask all the questions you have (concepts, method, analysis, etc.) and disccuss the implications of these papers.
For helping you summarize the material I link a short summary for paper 2 (here).
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