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Nudge theory Richard Thalerwinner of the Nobel Prize in economics Nudge is a concept in behavioral sciencepolitical theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals.
Nudging contrasts with other ways to achieve compliance, such as educationlegislation or enforcement. The concept has influenced British and American politicians.
The first formulation of the term and associated principles was developed in cybernetics by James Wilk before and described by Brunel University academic D. Stewart as "the art of the nudge" sometimes referred to as micronudges . It also gained a following among US and UK politicians, in the private sector and in public health.
To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge.
Banning junk food does not. In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome.
Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture". These companies are using nudges in various forms to increase the productivity and happiness of employees.
Recently, further companies are gaining interest in using what is called "nudge management" to improve the productivity of their white-collar workers. Ethicists have debated this rigorously. Similarly, legal scholars have discussed the role of nudges and the law.
Behavioral finance[ edit ] Robert J. Shillerwinner of the Nobel Prize in economics The central issue in behavioral finance is explaining why market participants make irrational systematic errors contrary to assumption of rational market participants.
The study of behavioral finance also investigates how other participants take advantage arbitrage of such errors and market inefficiencies.
Behavioral finance highlights inefficiencies, such as under- or over-reactions to information, as causes of market trends and, in extreme cases, of bubbles and crashes.
Such reactions have been attributed to limited investor attention, overconfidence, overoptimism, mimicry herding instinct and noise trading.
Loss aversion appears to manifest itself in investor behavior as a reluctance to sell shares or other equity if doing so would result in a nominal loss.
Benartzi and Thaler, applying a version of prospect theoryclaim to have solved the equity premium puzzlesomething conventional finance models so far have been unable to do. Quantitative behavioral finance[ edit ] Quantitative behavioral finance uses mathematical and statistical methodology to understand behavioral biases.
In marketing research, a study shows little evidence that escalating biases impact marketing decisions. One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news.Abstract.
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