Behavioral Economics and Neuroeconomics of Environmental Values

Phoebe Koundouri (), Barbara Hammer, Ulrike Kuhl and Alina Velias
Additional contact information
Barbara Hammer: Machine Learning Group, Faculty of Technology, Bielefeld University, Bielefeld, Germany
Ulrike Kuhl: Machine Learning Group, Faculty of Technology, Bielefeld University, Bielefeld, Germany
Alina Velias: ReSEES Research Laboratory, Athens University of Economics and Business, Athens, Greece

Annual Review of Resource Economics, 2023, vol. 15, issue 1, 153-176

Abstract: Identifying mechanisms of real-life human decision-making is central to inform effective, human-centric public policy. Here, we report larger trends and synthesize preliminary lessons from behavioral economic and neuro-economic investigations focusing on environmental values. We review the currently available evidence at different levels of granularity, from insights into how individuals value natural resources (individual level), evidence from work on group externalities, common pool resources, and social norms (social group level) to the study of incentives, policies, and their impact (institutional level). At each level, we identify viable directions for future scientific research and actionable items for policy-makers. Coupled with new technological and methodological advances, we suggest that behavioral economic and neuroeconomic insights may inform an effective strategy to optimize environmental resources. We conclude that the time is ripe for action to enrich policies with scientifically grounded insights, making an impact in the interest of current and future generations.

Keywords: behavioral economics; neuroeconomics; environmental values; individual decision-making; common pool resources; policy (search for similar items in EconPapers)
JEL-codes: D90 D91 Q50 Q58 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1146/annurev-resource-101722-082743
Full text downloads are only available to subscribers. Visit the abstract page for more information.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:anr:reseco:v:15:y:2023:p:153-176

Ordering information: This journal article can be ordered from
http://www.annualreviews.org/action/ecommerce

DOI: 10.1146/annurev-resource-101722-082743

Access Statistics for this article

More articles in Annual Review of Resource Economics from Annual Reviews Annual Reviews 4139 El Camino Way Palo Alto, CA 94306, USA.
Bibliographic data for series maintained by http://www.annualreviews.org ().