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Behavioral and Neuroeconomics of Environmental Values

Phoebe Koundouri, Barbara Hammer, Ulrike Kuhl and Alina Velias

No 2227, DEOS Working Papers from Athens University of Economics and Business

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 and neuroeconomic investigations focusing on environmental values. We review the currently available evidence at different levels of granularity, from insights of how individuals value natural resources (individual level), followed by 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 behavioural and neuroeconomic insights may inform 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: behavioural economics; neuroeconomics; environmental values; individual decision-making; common pool resources; policy (search for similar items in EconPapers)
Date: 2022-10-24
New Economics Papers: this item is included in nep-ene, nep-env, nep-evo, nep-exp and nep-hme
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