Why Policymakers and Social Scientists Should Adopt Behavioral Economics: An Analysis for the Period 2000-2020

Iñaki Aliende () and Lorenzo Escot

Revista Finanzas y Politica Economica, 2022, vol. 14, issue 2, 453-487

Abstract: This paper analyzes the advisability of applying behavioral economics (BE) by social researchers and policymakers. Over the last twenty years, the number of contributions about BE has grown exponentially in the scientific literature, reports published by international organizations, and the so-called Behavioral Insight Units (nudge units). However, to consider BE a core discipline, it is necessary to ensure that all such behavioral practice corresponds to a distinctive approach or field of study. This article evaluates whether BE provides a solid methodological and unique approach. It has analyzed twenty relevant articles with the label “behavioral economics” published in the last five years in recognized journals to evaluate whether they follow a distinct method. According to the results, the level of compliance is high (84%), which amplifies the possibilities of BE as an approach in social sciences, besides reinforcing its importance in supporting the implementation of public policies. Nevertheless, the analysis also provides some observations about subsequent developments and consideration of the discipline as a homogeneous approach.

Keywords: behavioral economics; nudge units; cognitive bias; bounded rationality; methodological framework; economic doctrines; prospect theory. (search for similar items in EconPapers)
JEL-codes: B50 D01 D70 H30 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://revfinypolecon.ucatolica.edu.co/article/view/4002

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:col:000443:020557

Access Statistics for this article

More articles in Revista Finanzas y Politica Economica from Universidad Católica de Colombia Contact information at EDIRC.
Bibliographic data for series maintained by Universidad Católica de Colombia ().