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Behavioural economics perspectives: Implications for policy and financial literacy

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  • Altman, Morris

Abstract

This 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.

Suggested Citation

  • Altman, Morris, 2012. "Behavioural economics perspectives: Implications for policy and financial literacy," Working Paper Series 2195, Victoria University of Wellington, School of Economics and Finance.
  • Handle: RePEc:vuw:vuwecf:2195
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    File URL: http://researcharchive.vuw.ac.nz/handle/10063/2195
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    Cited by:

    1. Khandakar Elahi, 2014. "Behavioural controversy concerning homo economicus: a Humean perspective," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(2), May.
    2. Philip Kostov & Thankom Arun & Samuel Annim, 2014. "Financial Services to the Unbanked: the case of the Mzansi intervention in South Africa," Contemporary Economics, University of Finance and Management in Warsaw, vol. 8(2), June.

    More about this item

    Keywords

    Financial literacy; behavioral economics; imperfect information; heuristics; trust; nudging; decision-­†making environment;

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