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Behavioral Economics

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ASSESSMENT     Assessment Task-      Component 2 (50%)  word count -1500 words     Explain is what meant by the term ‘nudge’ as far as government policy is concerned   Knowledge Demonstrate an understanding of the principles of behavioural economics, from both a theoretical and applied perspective Understand the main models, core insights and key controversies of behavioural economics     Thinking skills Consider how behavioural economics can be applied to economic and financial situations Understand how behavioural economics can be used as a tool to understand decision making Develop a broader perspective of the role of behavioural economics in problem solving   Subject-based practical

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Introduction

 

We are living in an era of heavy public policy issues that authorities get tough to solve. Those are some known current challenges related to policies. These include:change in climate, corruption, unemployment, terrorism, discrimination over to religion and region, obesity. These are just a few names that are responsible for the change in policies. It may include a long list of based on the various human experiences and opinions. These issues are due to some basic human behavior that became habits over a long time. Behavior sustains and forms bad throughput for the whole society and individual one. (T. G.- Politics & 2012, n.d.)

Definition of Nudge

 

To appropriatelyevaluatethe suggestion of some scientists,it is critical to regulating what precisely is intended by anudge as well as to make sure that the fundamentalbeliefis practical for the current discussion.Some scientistsdescribe a nudge as, “a littlefeature of the excellentconstruction that modifies the behaviour of people in an expectablemanner without hostile any choices or suggestivelyaltering their financial encouragements or motivations”.(Thaler & Sunstein, 2009)

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