Behavioural economics perspectives: Implications for policy and financial literacy
AbstractThis paper summarizes and highlights different approaches to behavioural economics. It includes a discussion of the differences between the “old” behavioural economics school, led by scholars like Herbert Simon, and the “new” behavioural economics, which builds on the work of Daniel Kahneman and Amos Tversky and is best exemplified by Richard Thaler and Cass Sunstein’s recent book, Nudge. These important currents in behavioural economics are also contrasted with the conventional economic wisdom. The focus of this comparative analysis is to examine the implications of these different approaches in behavioural economics for financial literacy.
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Bibliographic InfoPaper provided by Victoria University of Wellington, School of Economics and Finance in its series Working Paper Series with number 2195.
Date of creation: 2012
Date of revision:
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Postal: Alice Fong, Administrator, School of Economics and Finance, Victoria Business School, Victoria University of Wellington, PO Box 600 Wellington, New Zealand
Phone: +64 (4) 463-5353
Fax: +64 (4) 463-5014
Web page: http://www.victoria.ac.nz/sef
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Financial literacy; behavioral economics; imperfect information; heuristics; trust; nudging; decision-‐making environment;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-22 (All new papers)
- NEP-CBE-2012-09-22 (Cognitive & Behavioural Economics)
- NEP-EVO-2012-09-22 (Evolutionary Economics)
- NEP-HME-2012-09-22 (Heterodox Microeconomics)
- NEP-HPE-2012-09-22 (History & Philosophy of Economics)
- NEP-PKE-2012-09-22 (Post Keynesian Economics)
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- Elena Simonova & Rock Lefebvre, 2013. "Money Talks: Emphasizing Wealth in Household Finances," Working Papers 130502, Certified General Accountants Association of Canada.
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